Which of the following is not an example of informal institutions?
A) Culture
B) Laws
C) Ethics
D) Norms.
Answer: B) Laws
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Suppose your payroll check is directly deposited to your checking account. Everything else held constant, total reserves in the banking system ________ and the monetary base ________
A) remain unchanged; remains unchanged B) remain unchanged; increases C) decrease; increases D) decrease; decreases
When a monopolist sells the same product at different prices and the prices are not related to cost differences, we have
A) monopoly pricing. B) marginal cost pricing. C) price discrimination. D) price differentiation.
If the wage rate were $30, how many workers would be hired?
A. 3
B. 4
C. 5
D. 6
If Brazil has a comparative advantage relative to Cuba in the production of sugar cane, then
A) the average cost of production for sugar cane is lower in Brazil than in Cuba. B) the implicit costs of production for sugar cane are lower in Brazil than in Cuba. C) the opportunity cost of production for sugar cane is lower in Brazil than in Cuba. D) the explicit cost of production for sugar cane is lower in Brazil than in Cuba.