Paper money (currency) in the United States is issued by the:
A. U.S. Mint.
B. Federal Reserve Banks.
C. U.S. Treasury.
D. national banks.
B. Federal Reserve Banks.
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What is the pricing rule that achieves an efficient outcome for a regulated monopoly? What is the problem with this rule?
What will be an ideal response?
A country has a comparative advantage in producing a good when it has the lowest opportunity cost of producing that good
a. True b. False Indicate whether the statement is true or false
If parking spaces on a college campus are scarce, with quantity demanded during the "peak" hours, from 8 a.m. to 11 a.m., far greater than the number of spaces, an economist would propose as an efficient solution,
a. lowering the parking fees during those hours to compensate students for the longer search time. b. charging the same parking fees during all hours of the school day. c. raising parking fees during the peak hours to encourage some students to schedule classes during other hours when parking fees are lower. d. hiring more security guards to patrol for illegal parkers.
A shortage occurs whenever
a. quantity demanded exceeds quantity supplied at the equilibrium price. b. price is less than equilibrium price. c. quantity demanded is less than quantity supplied. d. goods are scarce. e. some of the people who need the product are not willing and able to buy it at the equilibrium price.