The Open Market Committee oversees the money supply through the Fed's sale and purchase of government securities
a. True
b. False
Indicate whether the statement is true or false
True
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A negative externality is
A) a cost realized by the producer of a good or service. B) anything that is external or not relevant to the production of a good or service. C) a cost paid for by the consumer of a good or service. D) a by-product of an activity that hurts someone who is not involved in that activity.
If sanctions are imposed on buyers but NOT on sellers of an illegal good, then the equilibrium price ________ and the equilibrium quantity ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases
The fact that expenditures on products and payments to owners of resources used to produce those products flow in opposite directions is known as:
A. the circular flow of income. B. a pure economy. C. a barter economy. D. roundabout production.
If the percentage change in quantity supplied is 10%, and the percentage change in price is 10%, then the supply for the good is
A. elastic. B. unit elastic. C. inelastic. D. perfectly inelastic.