Individuals who specialize in activities that lower transaction costs are
A) consumers.
B) producers.
C) bureaucrats.
D) middlemen.
Answer: D
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You are the chairperson of the Board of Governors of the Federal Reserve. You believe in a Keynesian model of the economy, and your goal is to keep the economy at the full-employment level of output
How would you respond (tightening or easing policy) in each of the following cases? (a) Government purchases increase (b) Corporate tax rates increase (c) Expected inflation increases (d) There's a beneficial oil price shock (and the LM curve shifts more to the right than the FE line)
Answer the following statements true (T) or false (F)
1. Firms in monopolistic competition sell a similar but differentiated product. 2. 3. 4. 5.
Lobbying can shape regulations through:
A. collusion. B. objective cost benefit analysis. C. rent-seeking behavior. D. forced action.
A number of firms who collude to make collective production decisions about quantities or prices is called:
A. a cartel. B. a duopoly. C. market power. D. a joint monopoly.