A tariff shifts the ___________ curve to the ___________.
A. demand; right
B. demand; left
C. supply; right
D. supply; left
D. supply; left
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Which of the following decrease the deadweight loss from a rent ceiling set below the equilibrium rent? i. lowering the ceiling ii. dedicating more resources to enforcement of the ceiling iii. raising the ceiling
A) i only B) ii only C) iii only D) i and ii E) ii and iii
Joe's income is $500, the price of food (F, y-axis) is $2, and the price of shelter (S, x-axis) is $100. Which of the following bundles is in Joe's opportunity set?
A) 50 units of food, 5 units of shelter B) 200 units of food, 2 units of shelter C) 100 units of food, 1 unit of shelter D) 150 units of food, 3 units of shelter
Today, bank runs are not a major problem for the U.S. banking system because
a. bank runs are now illegal. b. banks now hold 100 percent of their deposits in reserve. c. banks are now all government-operated. d. the federal government now guarantees the safety of deposits at most banks.
As a general rule, oligopoly exists when the four-firm concentration ratio:
A. exceeds the Herfindahl index. B. is less than the Herfindahl index. C. is 40 percent or more. D. is 15 percent or more.