Market power refers to the
a. side effects that may occur in a market.
b. government regulations imposed on the sellers in a market.
c. ability of market participants to influence price.
d. forces of supply and demand in determining equilibrium price.
c
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What is an indifference curve? Why can indifference curves never cross?
What will be an ideal response?
Corrective taxes are often difficult to implement because _____
a. those affected by the externality are often loathe to use political means to implement the tax b. those creating the externality threaten to shut down c. those who suffer from the externality refuse to talk about it d. the creator of an externality will use political means to try to prevent the tax
If the banking system has a large amount of reserves, many banks will have excess reserves to lend and the federal funds rate will probably ________; if the level of reserves is low, few banks will have excess reserves to lend and the federal funds
rate will probably ________. A) fall; fall B) fall; rise C) rise; fall D) rise; rise
All of the following are explanations of the post-1973 productivity slowdown except
A) problems in measuring productivity. B) changes in the legal and human environment. C) higher oil prices. D) greater competition from foreign imports.