The Federal Reserve System was created in response to
A) the stock market crash of 1929.
B) the ending of the Civil War.
C) the banking panic of 1907.
D) difficulties of the free-banking era.
C
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If the marginal benefit of consuming another unit of a good is positive, then to reach the allocatively efficient level of output more of the good should be produced and consumed
A) no matter what. B) as long as the consumer can afford to pay for it. C) if the total benefit of the good is greater than its total cost. D) if the marginal benefit of the good is greater than its marginal cost.
If the long-run supply curve slopes upward, we know that this is
A) a decreasing-cost industry. B) a constant-cost industry. C) an increasing-cost industry. D) a situation in which no input prices change as firms enter and exit the industry.
As a result of flooding in June and too much heat in July and August, the corn crop turns out to be well below average. As a result of the poor weather,
A. both equilibrium price and quantity for corn will rise. B. both equilibrium price and quantity for corn will fall. C. equilibrium price will rise and equilibrium quantity for corn will fall. D. equilibrium price will fall and equilibrium quantity for corn will rise.
The above figure shows the market for apples. If the government restricts output to no more than 300 pounds, then
A) 300 pounds of apples will be sold at $3. B) 200 pounds of apples will be sold at $3. C) no apples will be sold. D) None of the above.