Rent seeking reduces our economy's overall efficiency by
a. getting government to adopt legislation that actually reduces production
b. disseminating market information
c. lowering taxes
d. getting voters more interested in politics
e. reducing equity
A
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If Marginal cost is lower than Average Cost (AC), average cost is
a. falling b. rising c. constant d. none of the above
The increased entry of women and young people into the U.S. labor force from 1960–1980 led to
a. increased unemployment. b. reduced unemployment. c. a more experienced workforce. d. a more effective monetary policy.
The fraction that banks must, by law, hold as reserves against the checking deposits of their customers is called the
a. federal deposit insurance premium. b. vault cash quota. c. excess reserve requirement. d. required reserve ratio.
Use the following information to answer the next several questions:Scenario 1: Imagine that an economy produces two goods, flashlights and fishing lures. In 2015, the economy produced 70 flashlights and 40 fishing lures, and the prices of flashlights and fishing lures were $5 and $12, respectively. In 2016, the economy produced 85 flashlights and 50 fishing lures, and the prices of flashlights and fishing lures were $7 and $15, respectively. Based on the information in Scenario 1, nominal GDP in 2015 in this economy was:
A. $830. B. $1,025. C. $1,090. D. $1,345.