One example of an optimal currency area is the states within the United States
Indicate whether the statement is true or false
True
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When there is a liquidity trap, the money demand curve is ________.
A. downward sloping B. flat C. upward sloping D. vertical
A rent ceiling results in a shortage. As a result, which of the following do you expect?
A) The shortage will persist as long as the ceiling is in effect. B) Discrimination as landlords choose their tenants, possibly based on race, age, or gender. C) A black market for apartments whereby higher rents are obtained through various other charges. D) All of the above would be expected.
If an average cost pricing rule is imposed on the natural monopoly in the figure above, then the firm will
A) incur an economic loss. B) make zero economic profit, that is, its owners make a normal profit. C) make an economic profit of $4 million. D) make an economic profit of $9 million.
What are the two largest categories of federal tax receipts?