According to public choice theorists, people in the market sector and people in the public sector have __________, and (but) sometimes act differently because of different __________ arrangements in the two sectors
A) different motives; institutional
B) the same motives; institutional
C) different views of politics; equilibrium
D) the same motives; equilibrium
E) none of the above
B
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Tickets for the Super Bowl are an example of supply that is
A) perfectly elastic. B) unit elastic. C) slightly inelastic. D) perfectly inelastic.
The portion of deposits that banks need to hold at the Central Bank is:
(a) The required reserve ratio; (b) The discount rate; (c) The open market operation; (d) The interest rate.
In the three-step method for monopolistic competition, which of the following is accomplished in step 1?
a. finding the marginal revenue b. finding the total costs c. finding the total revenue d. finding the profit maximizing output level
Without an accepted medium of exchange
A. people would have to rely on gold or silver in order to exchange goods and services. B. there would be no trade. C. prices are very difficult to determine. D. goods and services would be exchanged by barter.