Use the following given market-for-money diagrams to answer the next question.
The asset demand for money is shown by
A. D1.
B. D2.
C. D3.
D. S.
Answer: B
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A firm can minimize cost by
A) picking the bundle of inputs where the lowest isocost line touches the isoquant. B) picking the bundle of inputs where the isoquant is tangent to the isocost line. C) picking the bundle of inputs where the last dollar spent on one input gives as much extra output as the last dollar spent on any other input. D) All of the above.
An inelastic supply schedule means that _____
a. suppliers are unwilling to substitute away from producing the good b. demanders are unwilling to substitute away from consuming the good c. demanders are unwilling to substitute towards consuming the good d. suppliers are unwilling to shift any portion of an imposed tax onto demanders
The immediate impetus for the establishment of the Federal Reserve System came from
A. severe outbreaks of inflation in the early 1900s. B. four severe banking panics between 1873 and 1907. C. the discovery of gold in Alaska. D. the desire to copy the founding of the Bank of England.
A firm that holds a monopoly in both goods stands to gain from a tie-in sale
A) True. B) False. C) True, which is why anti-trust laws exist. D) False, there are no dual monopolies.