Refer to Exhibit 10-3. When disposable income equals $2,300, saving equals
a. -$20.
b. -$10.
c. 0.
d. $10.
e. $20.
Answer: e. $20.
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Graphically which of the following is true for a monopoly?
a. The marginal revenue curve lies below the demand curve and is steeper than the demand curve. b. The marginal revenue curve lies above the demand curve and is steeper than the demand curve. c. The marginal revenue curve lies below the demand curve and is flatter than the demand curve. d. The marginal revenue curve lies above the demand curve and is flatter than the demand curve.
Which of the following probably best explains why trade restrictions are imposed even if the costs to consumers are greater than the benefits to protected industries?
a. Indifference on the government's part to the interests of domestic workers b. A desire to make other countries suffer c. Government's desire to earn high revenues d. Successful lobbying by employers and workers in protected industries e. Government's preference to safeguard the interest of the producers at the expense of the consumers
In the long run, a perfectly competitive industry tends to develop differentiated products
a. True b. False Indicate whether the statement is true or false
The institution ultimately responsible for managing the nation's money supply and coordinating the banking system to ensure a sound economy is called a:
A. peoples' bank. B. central bank. C. national bank. D. public banking system.