What group is committed to lowering trade barriers between nations?
a. United Nations
b. European Union
c. World Trade Organization
d. OPEC
d. OPEC
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Ava buys a $2,000 computer using a paper check. At which step does $2,000 get recorded in M1?
A. When Ava hands the $2,000 check to the computer merchant. B. Once the Federal Reserve sends the paper check (or an electronic image) to Ava's bank. C. The check is never M1. The $2,000 is M1 both in Ava's bank account and, later, in the merchant's account. It is the deposit balance that is counted. D. Once the $2,000 is credited to the merchant bank's reserve account and is debited from Ava's bank account.
Suppose an attorney has hired a very well-educated secretary that is not only more productive in filing briefs but also more productive at typing than he is
Can you provide any explanation for why it might still make sense for him to continue filing briefs while the secretary continues to do the typing?
Economists Robert Jensen and Nolan Miller reasoned that to be a Giffen good, with an income effect larger than its substitution effect, a good must be ________ and make up a ________ portion of a consumer's budget
A) an inferior good; very small B) a normal good; very large C) an inferior good; very large D) a normal good; very small
In what way does long-run equilibrium under monopolistic competition differ from long-run equilibrium under perfect competition?
A) Firms in perfect competition achieve productive and allocative efficiency while firms in monopolistic competition achieve neither allocative nor productive efficiency. B) The only difference is that in a monopolistically competitive market there are many brands to choose from while in a perfectly competitive market there is one standard product. C) Firms in perfect competition achieve productive efficiency while firms in monopolistic competition achieve allocative efficiency. D) Firms in perfect competition achieve allocative efficiency while firms in monopolistic competition achieve brand efficiency.