If the actual interest rate in the money market is higher than the equilibrium interest rate, there would be an excess supply of money
Indicate whether the statement is true or false
TRUE
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In the twentieth century, Russian peasants noticed that during cholera epidemics there were lots of doctors around; in an attempt to eliminate cholera, they killed all the doctors. This is an example of
A. mistaking correlation with causation. B. the fallacy of opportunism. C. excessive abstraction. D. rationality. E. marginal analysis.
If a firm faces a labor supply curve that is positively sloped, then the marginal cost of labor curve
A) equals the wage rate. B) equals the minimum wage. C) lies above the value of marginal product curve. D) lies above the labor supply curve.
In the figure above, if the market is a single-price monopoly rather than a perfectly competitive industry, the transfer of consumer surplus from consumers to the producer is the area of
A) trapezoid beic. B) triangle abe. C) rectangle begd. D) rectangle befc.
Academic institutions frequently talk about academic excellence and how they have superior programs in everything. "If it is not top quality it will not be offered here" seems to be the theme of many college catalogs. Explain, on the basis of material in this chapter, why this public relations noise is not believable.
What will be an ideal response?