Single-price monopolies maximize profit by producing the amount of output at which
A) total revenue is maximized.
B) price is equal to marginal cost.
C) price is equal to marginal revenue.
D) marginal revenue is equal to marginal cost.
D
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There is $5,000,000 of currency in Econland, all held by banks as reserves. The public does not hold any currency. If the banks' desired reserve/deposit ratio is 0.25, then the money supply equals:
A. $20,000,000 B. $10,000,000 C. $6,250,000 D. $5,000,000
In economics, the term "free market" refers to a market where no sales tax is imposed on products sold
Indicate whether the statement is true or false
The majority of economists believe that the social benefit of mandating measles vaccines for all Americans (except those with compelling medical reasons) would exceed the social cost
a. True b. False Indicate whether the statement is true or false
Use the following diagram to answer the next question.
Assume the economy is initially at the full employment level of real GDP. If there is a decrease in imports, the Fed should ________.
A. increase the money supply B. increase money demand C. decrease money demand D. decrease the money supply