Contracts are enforced by
a. the firms that make the contracts through buy-out clauses
b. law firms that specialize in contract enforcement
c. corporations specializing in contract writing and enforcement
d. the government through the judicial system
e. both households and firms through customer relations departments
D
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A network externality refers to a situation where:
A) the value of a product increases as more consumers start to use it. B) firms collude to sell products at a price higher than the equilibrium market price. C) a firm that has control over key resources auctions the resources off to other firms. D) the government interferes to prevent the concentration of market power in the hands of a few firms.
M1 includes currency, checkable deposits, traveler's checks, and savings deposits
a. True b. False Indicate whether the statement is true or false
If banks do not loan out all their excess reserves, then the real world multiplier is
A) smaller than 1/RR. B) larger than 1/RR. C) equal to 1/RR. D) not related to 1/RR.
John Maynard Keynes stated that “In the long run we are all dead!” Explain what he meant by this.
What will be an ideal response?