All of the following have been proposed as reasons for an unusually high level of uncertainty following the financial crisis of 2007-2009 EXCEPT:
A) the severity of the financial crisis
B) concerns of small businesses regarding how the Affordable Care Act would affect the cost of hiring workers
C) concerns by households and firms regarding potential tax increases and spending cuts scheduled to take place in January 2013
D) the Fed indicating that it would withdraw stimulus as soon as there was any evidence of economic recovery
D
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Shortages occur at prices which are above the market clearing price
Indicate whether the statement is true or false
Some firms practice odd pricing because
A) it is a way to price discriminate. B) it is too difficult for sellers to reeducate buyers into accepting even prices. C) it lowers transactions costs. D) they believe that customers will buy a larger quantity with an odd price.
Which of the following attitudes will be held by a typical firm in a typical cartel?
a. If I alone cheat, I'm better off; if everyone cheats, I'm worse off. b. I can never do better for myself than by following agreed-upon cartel policies. c. If everyone cheats, I'm better off and so is everyone else in the cartel. d. If I suspect others are planning to cheat, I'll do best for myself by deciding not to cheat.
The efficiency of market organization is dependent on which of the following?
a. well-regulated supply and demand b. the availability of low cost resources and high tariffs on foreign imports c. competitive markets and well-defined and enforced private property rights d. Government establishment of the invisible hand principle and the inelasticity of certain goods.