As discussed in the text, a bank can extend new loans equal to the amount by which its excess reserves increase
a. True
b. False
Indicate whether the statement is true or false
True
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The first economist to systematically analyze market failure was
A) Adam Smith. B) J. E. Meade. C) Ronald Coase. D) A. C. Pigou.
Capitalism is an economic system in which there is public ownership of the means of production and resource allocation is determined through markets
a. True b. False Indicate whether the statement is true or false
If Allison's marginal utility of her 100th dollar of income is greater than Brad's marginal utility of his 10th dollar, then we can conclude:
A. money means more to Allison. B. money means more to Brad. C. Brad is richer than Allison. D. nothing, since we can't make interpersonal utility comparisons.
A union shop is a
A. strike by a union in sympathy with another union's strike or cause. B. business enterprise in which employees must belong to the union before they can be hired and must remain in the union after they are hired. C. business which may hire nonunion members conditional on their joining the union by some specified date after employment begins. D. dispute involving two or more unions over which should have control of a particular jurisdiction.