A surplus will occur in a market when the price of the product is above the equilibrium price
Indicate whether the statement is true or false
True
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Negative externalities might be reduced through a process of deciding or discovering who has which rights, which might also be described as ________
A) adjudication B) remuneration C) legislation D) substantiation E) identification
Financial markets promote greater economic efficiency by channeling funds from ________ to ________
A) investors; savers B) borrowers; savers C) savers; borrowers D) savers; lenders
Suppose, while cleaning out its closets, a worker at the Federal Reserve bank branch in Memphis discovers a painting of Elvis (medium: acrylic on velvet) that used to grace the walls of the conference room
Suppose further that, at a public auction, the bank sells the painting for $19.95. This sale will cause ________ in the monetary base, everything else held constant. A) an increase of $19.95 B) an increase of more than $19.95 C) a decrease of $19.95 D) a decrease of more than $19.95
The assumption that individuals act rationally implies that
a. people think only of themselves and disregard the well-being of others b. people undertake all those activities that yield benefits to themselves c. people only consider the costs of an activity to decide whether it is worthwhile d. the greater the cost of a charitable deed to a benefactor, the more likely he or she is to perform that deed e. people implicitly calculate the costs and benefits of an activity to decide if it is worthwhile