The above figure illustrates the demand curve for a good. The good has
A) no substitutes.
B) only one substitute.
C) only a few substitutes.
D) many substitutes.
A
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If the required reserve ratio is one-third, currency in circulation is $300 billion, checkable deposits are $900 billion, and there is no excess reserve, then the monetary base is
A) $300 billion. B) $600 billion. C) $333 billion. D) $667 billion.
A normative economic statement is:
a. a statement of fact. b. a statement of opinion which advocates a particular position. c. not acceptable in the economics profession. d. the only acceptable manner to present economic information. e. a statement based upon government-supplied information.
The optimal quantity of a negative externality is zero if:
A. it is costly for people to negotiate with each other. B. it imposes a high enough cost on society. C. the marginal cost of reducing the externality is zero. D. the majority of voters decide to eliminate the externality.
Economists who are willing to accept mild inflation consider it to be a necessary by-product of high and growing spending that produces high levels of output, full employment, and economic growth.
Answer the following statement true (T) or false (F)