A monopolist is a price maker
a. True
b. False
Indicate whether the statement is true or false
True
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Alice and Gene work in the mailroom, sorting and delivering mail. In order for them to benefit from specialization and trade, Alice must
A) be able to both sort and deliver faster than Gene. B) be equally productive in both sorting and delivering. C) have a comparative advantage in both sorting and delivering. D) have a comparative advantage in one task and Gene must have a comparative advantage in the other task. E) be equally productive as Gene in both sorting and delivering.
The majority of money is created when
A) banks make loans. B) new coins are minted. C) the federal government borrows from the public. D) the Fed sells bonds.
Another name for a surplus is
A) excess quantity supplied. B) excess quantity demanded. C) equilibrium. D) market clearing.
Consumption or household spending of an economy comprises of both consumer spending and business spending
a. True b. False Indicate whether the statement is true or false