In the Free Banking Era (the period of no central bank),
(a) anyone could form a bank if they met the requirements.
(b) banks were required to offer free financial services.
(c) the federal government rescinded its tax on bank notes.
(d) states rescinded their taxes on bank notes.
(a)
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Of all the constant elasticity of substitution social welfare function, only the one with elasticity of infinity will always choose the efficient outcome from a second-best consumption possibility frontier.
Answer the following statement true (T) or false (F)
The problem associated with endangered populations of migratory birds is the
A) common property problem. B) free rider problem. C) deadweight loss problem. D) inefficient production problem.
Goods with an income elasticity of demand greater than 1 are called
a. necessities b. inferior goods c. normal goods d. luxuries e. complements
The demand for Rice Krispies is more elastic than the demand for cereal in general
a. True b. False Indicate whether the statement is true or false