The above figure shows the market for steel ingots. What is the change in consumer surplus if the market switches from competitive equilibrium to social optimum?
A) $625
B) $1250
C) $1875
D) $2500
C
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Which of the following describes the behavior of M1 in recent decades?
A) it soared during the recessions of 1990-91, 2001, and 2007-2009 B) it tended to grow more rapidly than M2 C) it was more stable than M2 D) it has not declined since the 1970s
Queuing is a way to ration goods
A) on a first-come, first-serve basis. B) through prices. C) through the use of political power. D) through markets.
When a transaction between a buyer and seller directly affects a third party, the effect is called an externality
a. True b. False Indicate whether the statement is true or false
The president of the ________________________ holds a permanent seat on the FOMC
A) United States B) Federal Reserve District Bank of New York C) Federal Reserve District Bank of San Francisco D) U.S. Senate banking committee E) none of the above