Exporting a good at a price below its cost of production is defined as
a. efficiency
b. dumping
c. diversification
d. retaliation
e. tariffs
B
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The above figure shows the marginal benefits and marginal costs of a college education. If a voucher for $5,000 is given to the students, then colleges charge tuition of
A) $0. B) $5,000. C) $10,000. D) $15,000.
What do Keynesian economists believe that the expenditure multiplier is?
a. Less than one b. Equal to one c. Greater than one d. Can be greater or less than one
A labor market differs from a product market because
a. in a labor market, firms are suppliers and households are demanders b. the usual laws of economics do not apply to labor markets c. supply and demand are only relevant for labor markets d. supply and demand are only relevant for product markets e. in a labor market, firms are demanders and households are suppliers
In order for the banking system to expand the money supply with a money multiplier effect, all of the money loaned out
a. has to have been demand deposits at some bank b. has to stay in one bank c. by one bank has to be deposited in the same bank d. has to be repaid before the multiplier process can work e. has to equal the amount of legal reserves for the banking system