The official definition of the money supply that includes coins, paper money, travelers' checks, conventional checking accounts, and other checkable deposits at banks and savings institutions is called ____
a. M1
b. M2
c. M3
d. L
a
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What is one reason the federal government might "bail out" farmers in flood prone areas of the country?
A) Such flooding is not diversifiable and therefore only non-profit entities, such as the federal government, can cover the risks. B) Such flooding is diversifiable, but insurance company CEOs are more concerned with their stock-holder wealth than the well-being of farmers. C) Such flooding is diversifiable, but the market for such insurance policies cannot clear without the assistance of the International Community. D) Such flooding is known to happen on a regular basis and therefore there is no "risk" to be insured against.
Consider the following statements when answering this question
I. A technology with increasing returns to scale will generate a long-run average cost curve that has economies of scale. II. Diminishing returns determines the slope of the short-run marginal cost curve, whereas returns to scale determine the slope of the long-run marginal cost curve. A) I is true, and II is false. B) I is false, and II is true. C) Both I and II are true. D) Both I and II are false.
Which of the following is not an argument often made for the imposition of trade restrictions?
a. trade restrictions are necessary for national defense purposes b. trade restrictions are necessary to improve economic efficiency c. trade restrictions are necessary to protect fledgling industries d. trade restrictions are necessary to protect against dumping e. trade restrictions are necessary to protect jobs
If the equilibrium price of natural gas is $4 per thousand cubic feet and a price ceiling is imposed at $3 per thousand cubic feet, the result will be:
a. a surplus of natural gas. b. a shortage of natural gas. c. an accumulation of inventories of unsold gas. d. None of these.