If ________ enters into an exchange with another party who has ________ information, there is asymmetric information and adverse selection.
A. only a seller, but not a buyer; more
B. only a buyer, but not a seller; more
C. a buyer or seller; an equal amount of
D. a buyer or seller; more
Answer: D
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If total population is measured, where does the United States rank?
A. First B. Second C. Third D. Fourth E. Fifth
Early Keynesians concluded that changes in monetary policy had no impact on aggregate output because early empirical studies found no linkage between movements in ________ and ________
A) nominal interest rates; investment spending B) real interest rates; investment spending C) money supply; aggregate output D) investment spending; aggregate output
John D. Rockefeller is most recognized for:
a. developing the oil industry. b. being an early promoter of the computer industry. c. lobbying the government for the abolition of slavery. d. inventing new technology to further the steel production process. e. being an initial supporter of minimum wage laws.
If a firm in a perfectly competitive market faces the cost curves in the graph shown, which of the following is true? The firm:
A. if it produces at profit-maximizing level of output it will make positive profits when price is higher than $15.
B. if it produces at profit-maximizing level of output it will make positive profits when price is higher than $11.
C. should always produce at least 43 units in order to maximize profits.
D. will shut down if market price is below $15, but above $11.