Answer the following statements true (T) or false (F)
1. A free good may eventually become an economic good.
2. Payment for the use of capital is made in the form of rent.
3. The study of economics would be less complicated if differences in subjective judgments did not exist.
4. Equilibrium is a position of stability or rest.
1. TRUE
2. FALSE
3. TRUE
4. TRUE
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How does the demand curve perceived by a monopolist compare with the market demand curve?
A.One has a horizontal demand curve, the other is vertical. B.Both are horizontal C.One has a vertical demand curve, the other is downward sloping. D.They are essentially the same
The graph shows the market for ski chalets in Aspen. If a rent ceiling is set at $1,900 a week, then the maximum amount charged in the black market is ________ a week
A) $1,900 B) $2,050 C) $2,125 D) $225 E) $150
Unlike the Federal Reserve Bank of today, the First and Second Banks
(a) could create corporations by special franchise. (b) were generally supported by the rest of the banking community. (c) were direct competitors with private business. (d) provided a federal safety fund in times of well banking crisis.
The value of exports minus the value of imports in a period is called the:
A. trade balance. B. trade gap. C. international equilibrium. D. budget balance.