Which of the following is the most important protection against fears of bank collapse?
A. the Federal Reserve
B. the Federal Reserve Open Market Committee
C. the Federal Deposit Insurance Corporation
D. the gold and silver that backs Federal Reserve notes
Answer: C
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In the short run, all costs are fixed
a. True b. False
According to many economists, government restrictions on ticket scalping do all of the following except
a. inconvenience the public. b. reduce the audience for cultural and sports events. c. waste police officers' time. d. keep the cost of tickets to all consumers low.
An industry is a natural monopoly when (i) the government assists the firm in maintaining the monopoly. (ii) a single firm owns a key resource. (iii) a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms
a. (ii) only b. (iii) only c. (i) and (ii) only d. (ii) and (iii) only
Compared to ideal economic efficiency, when the production of a good generates external costs, competitive markets will result in an output that is too:
A. large and a price that is too high. B. large and a price that is too low. C. small and a price that is too high. D. small and a price that is too low.