Are funds available on a credit card included in a definition of the money supply?
a. Yes, because these funds can be used to pay for goods and services.
b. Yes, because these funds are included in M2.
c. No, because these funds are hard to measure total credit card spending.
d. No, because these funds are not a store of value.
D
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If the natural monopoly shown in the figure above is unregulated, it will make an economic profit of
A) $2 million. B) $4 million. C) $9 million. D) $0, that is, it earns a normal profit.
The wage rate and MLC differ for a monopsonist because
a. the monopsonist is forced to pay a wage rate greater than the worker's MLC b. the monopsonist must accept the labor market's wage rate c. workers are not as efficient when employed by a monopsonist d. any wage rate increase applies to all workers, not just to the last hired e. a wage rate decrease forces workers to work longer hours
A market with an externality can
A. underproduce or overproduce a good. B. stabilize. C. operate efficiently without government intervention. D. move from a production point inside the production possibilities curve to a pareto optimal point.
Who observed that "in this world nothing is certain but death and taxes"?
a. Mark Twain
b. P.T. Barnum
c. Ben Franklin
d. Richard Nixon