Social cooperation by means of voluntary contracts and exchanges
A) cannot occur in a socialist economic system.
B) cannot occur where government sets rules that restrict behavior.
C) is easier to achieve when the laws of the society are clear and unchanging.
D) is harder to achieve when the members of the society own very little material property in common.
C
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In a labor market, employment
A) and the wage rate are higher when the market is a monopsony than when the market is competitive. B) is higher and the wage rate is lower when the market is a monopsony than when the market is competitive. C) is lower and the wage rate is higher when the market is a monopsony than when the market is competitive. D) and the wage rate are lower when the market is a monopsony than when the market is competitive.
Government intervention in agriculture usually involves
A) price ceilings in order to keep food prices low. B) price ceilings in order to subsidize U.S. exports. C) price supports in order to keep farm incomes high. D) price supports in order to keep agricultural imports low.
When a firm can achieve economies of scale by expanding, its long-run ATC curve:
A. slopes downward. B. slopes upward. C. is flat. D. Any of these is possible.
Answer the following statements true (T) or false (F)
1. Monetarists argue that the Fed reduces fluctuations in economic activity and the price level. 2. The Fed chairman appears before Congress semi-annually to present the Monetary Policy Report. 3. The Fed used the Term Auction Facility in 2008 to aid bond dealers. 4. The Reigle-Neal Act was passed by Congress in 1932 to regulate banking. 5. Branch banking can now be carried out regionally and even nationally.