The charter of the Bank of the United States was not renewed in 1811 in part because:
a. Thomas Jefferson, who was president at the time, believed it to be unconstitutional.
b. of years of general instability in the value of currency.
c. of instability and uncertainty in the expansion of credit.
d. of fears of foreign ownership and manipulation.
d. of fears of foreign ownership and manipulation.
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The De Beers diamond mining and marketing company of South Africa became one of the most profitable and longest-lived monopolies in history. Which of the following has always threatened De Beers' control of the diamond market?
A) At different times in the past some countries have banned the importation of diamonds from South Africa for political reasons. B) Competition from imitation diamonds. Technology has made it possible to make fake diamonds look exactly like real diamonds. C) Competition from other gemstones, including rubies and emeralds, that have become more popular over time. D) Since few diamonds are ever destroyed, De Beers has constantly faced possible competition from other firms reselling diamonds.
Citizens of Tinytown are considering building a new park. If each voter in Tinytown has a reservation price that is less than the total cost of the park, then:
A. some sort of collective action by voters will be necessary to fund the park. B. a private firm will have an incentive to build the park. C. the park will never be built. D. the benefit of the park is less than the cost of the park, so the park should not be built.
When the Federal Reserve purchases treasury securities in the open market,
A. The sellers of such securities by new securities in the open market and there is an increase in bank reserves B. The sellers of such securities deposits the funds in their banks and bank reserves increase C. The buyers of those securities pay for them with checks drawn on their bank account and bank reserves increase
Monopolists set prices
A. Without constraints since there is no competition. B. At the output where marginal revenue equals marginal cost. C. At the minimum of the long-run average total cost curve. D. On the marginal revenue curve.