A firm that backward vertically integrates
A) moves downstream in the production process.
B) requires that the production process be relatively simple.
C) has to merge with another firm.
D) may be producing its own inputs.
D
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A benefit-based standard
a. is one that balances social benefits with social costs, at the margin b. achieves allocative efficiency c. achieves a cost-effective level of pollution abatement d. is set to improve society’s well-being without consideration for costs
A currency drain ________ the amount of bank reserves available to banks to make loans because ________
A) reduces; people are holding more money outside of the banks B) increases; people are holding less money outside of the banks C) reduces; people are holding less money outside of the banks D) reduces the monetary base; people are holding more money outside of the banks E) reduces; people are holding onto the money the banks could have borrowed from the Fed
The general equilibrium analysis of a minimum wage applied to only some sectors of the economy suggests that
A) workers in all sectors will face increased wages. B) some workers in the covered sectors will lose their jobs and remain unemployed. C) some workers originally employed in the covered sectors will move to the uncovered sectors, driving down wages in the uncovered sectors. D) all workers will be worse off.
How producers respond to the complex wants of the population without having huge shortages or surpluses is amazing because ______.
a. producers are constantly competing against each other b. computer software is an insufficient tool in this field c. a single individual or agency does not decide what to produce d. government officials constantly interfere with the market system