Which of the following is not a form of commodity money?
A. checks
B. precious stones
C. cigarettes
D. all of the above
Answer: A
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The basic reason that a competitive unregulated market produces an inefficient amount of a good with an external cost is because
A) producers cannot measure marginal social cost. B) producers do not pay the external cost. C) the general public does not care about external costs. D) external costs are not a political issue. E) the external cost is paid by consumers rather than producers.
In the absence of government price supports, why is the production of wheat a good example of perfect competition?
What will be an ideal response?
The marginal cost of an airline ticket is the total cost of operating a flight divided by the number of passengers who buy tickets.
Answer the following statement true (T) or false (F)
Most observers nowadays see monetary policy as much less important than fiscal policy
a. True b. False Indicate whether the statement is true or false