Perfect, or 100%, recycling is
a. Physically feasible but always too expensive
b. Not possible according to the second law of thermodynamics
c. Physically feasible but not done because of failure to incorporate environmental costs
d. Only accomplished for a few non-renewable resources
e. Not currently feasible but will be possible in the future
Ans: b. Not possible according to the second law of thermodynamics
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A common response to stop a depreciation of a currency is to use contractionary monetary policy, which could lead to a recession
Indicate whether the statement is true or false
Absolute advantage is the ability to produce a good using fewer inputs than another producer.
Answer the following statement true (T) or false (F)
The actual money multiplier is smaller than the simple money multiplier because: a. the actual multiplier affects M2 rather than M1
b. cash withdrawals reduce the amount banks can lend out. c. the actual multiplier affects the amount of excess reserves each bank holds. d. the size of the simple multiplier depends on the volume of deposits unlike the actual multiplier. e. the actual multiplier uses a different measure of reserve requirements.
To enhance their prestige, some country clubs like to point to the fact that they have a waiting list for new members. Even at clubs with high initiation fees, it is common that prospective members have to wait three or more years before there is room for them on the membership rolls. How do these country clubs set the price of membership to ensure that they have a waiting list?
A. Set the membership price above the market clearing price. B. Set the membership price below the market clearing price. C. Set the price at a level that will generate a surplus of memberships. D. Set the price so that the quantity supplied of memberships exceeds the quantity demanded.