Which one of the following is not assumed to be constant when the supply curve for a product is drawn?
A. number of producers
B. price of inputs used to make the product
C. state of technology
D. price of the product
Answer: D
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In the case of public goods, the ability to free ride on the efforts of others is an example of
A) low transactions costs. B) insecure property rights. C) government subsidization. D) mutual assurance.
Which of the following appears as an asset on the Federal Reserves balance sheet?
A) Commercial bank deposits B) Bank reserves C) Gold certificates D) U.S. Treasury deposits
Up until the early 1880s, there was no federal control over private activities
Indicate whether the statement is true or false
In some industries, pollution rights are sold from one company that does not need them to another that does. In recent years, conservation groups have purchased pollution rights so they cannot be exercised. Companies in need of pollution rights will find that:
A. the supply of pollution rights has increased. B. the relative costs of pollution control equipment have gone up. C. the relative costs of pollution control equipment have fallen. D. the prices of pollution rights have fallen.