In the case of a perfectly competitive firm, the optimal markup over marginal cost is 0 percent
Indicate whether the statement is true or false
TRUE
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Ted got a ticket to this year’s Super Bowl and paid the face value of $1,000. His cousin offered him $3,000 for the ticket. Ted chose to attend the game. From this, we can infer that Ted’s value for this ticket was
A. less than $1,000. B. more than $2,000. C. at least $3,000. D. the ticket price plus his cousin’s offer, a total of $4,000.
An open-market purchase by the Federal Reserve withdraws excess reserves from the banking system and causes the money supply to contract
a. True b. False Indicate whether the statement is true or false
To determine real GDP, divide nominal GDP by the
a. current values of goods and services. b. final goods and services. c. GDP deflator. d. value of GDP.
Prohibiting the use of “dirty” fuels by industry is an example of
A. voluntarism. B. direct controls. C. taxes on emissions. D. the permit to pollute.