Organizing a successful firm in a market economy has become ________ over the last century
A) legally impossible
B) politically impossible
C) less difficult
D) more difficult
Answer: D
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Customers who have long-term relationships with banks
A) pose particular problems with respect to adverse selection. B) pose particular problems with respect to moral hazard. C) often obtain credit at a lower rate or with fewer restrictions. D) are more likely to default or violate restrictive covenants.
An expansionary gap in the short-run results in: a. lower resource prices in the long run. b. unemployment in the long run
c. a recessionary gap in the long run. d. cost-push inflation in the long run. e. demand-pull inflation in the long run.
Hu earns $120,000 per year. He is charged a 20% tax on the first $80,000 he earns. He is charged a 30% tax for any income he earns between $80,000 and $200,000. If he were to earn an extra $5,000 this year, what would his marginal tax rate be?
a. 10% b. 20% c. 23% d. 30%
Which of the following is a source of government failure?
A. The invisible hand. B. The lack of bureaucracy in government. C. The enormous size and scope of government. D. Excessive flexibility.