A society's production possibility frontier is bowed out from the origin because some resources are better suited for producing one good as opposed to the other.
Answer the following statement true (T) or false (F)
True
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The supply of money is depicted as an upward sloping line that depends directly on the interest rate
a. True b. False Indicate whether the statement is true or false
Which statement is true?
A. The main way the Fed controls the money supply is by raising or lowering the discount rate. B. The Federal Reserve is barred by law from owning United States government securities. C. The Federal Reserve insures bank deposits up to $100,000. D. None of the statements are true.
Consider an industry that is made up of nine firms each with a market share (percent of sales) as follows:
a. Firm A: 30% b. Firm B: 20% c. Firms C, D, and E: 10% each d. Firms F, G, H, and J: 5% each What is the value of the four-firm concentration ratio and how is the industry categorized? A) 50%; monopolistic competition B) 70%; oligopoly C) 75%; oligopoly D) 80%; strongly oligopolistic
In Figure 22.2, which area represents consumer surplus to the smoker? 
A. 0ACQ* B. 0P*CQ* C. 0BCQ* D. AP*C