Adriana is maximizing her utility. Her MUx/Px = 10 and MUy = 60. Then the price of Y must be
A. $1.
B. $6.
C. $10.
D. $60.
Answer: B
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All else the same, when the Fed calls in a $100 discount loan previously extended to the First National Bank, reserves in the banking system
A) increase by $100. B) increase by more than $100. C) decrease by $100. D) decrease by more than $100.
When there is an external cost, the unregulated market
A) overproduces the good or service. B) underproduces the good or service. C) reaches the most efficient solution. D) minimizes public welfare.
The incidence of a tax:
A. falls entirely on consumers if supply is perfectly inelastic. B. falls entirely on consumers if demand is perfectly elastic. C. is shared by suppliers and consumers if demand is perfectly elastic. D. falls entirely on suppliers if demand is perfectly elastic.