A bank acts as ________ between buyers and sellers.
A. an interpersonal communicant
B. a negotiator
C. an agent
D. an intermediary
Answer: D
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Rent controls carry long-run unintended consequences, such as
A) a fairer price for people who can't afford market-determined rents. B) improved quality of apartment units. C) fewer apartment units as landlords seek substitute uses of their property. D) an increase in rental price competition among landlords.
If a firm has a U-shaped long-run average cost curve,
A. its fixed cost rises as output rises. B. it must have increasing returns to scale at low levels of production and decreasing returns to scale at high levels of production. C. it must have increasing returns to each input at low levels of production and decreasing returns to each input at high levels of production. D. the firm can maximize its output by operating at the point of minimum long-run average cost.
All of the following will cause the reported growth rate in a country to change EXCEPT
A. changes in productivity. B. population changes. C. changes in the number of poor people in the country. D. a shift of the production possibilities curve.
Suppose the perfectly competitive equilibrium occurs such that too many units of the good are produced. This is an example of
A) marginal cost pricing. B) market failure. C) firms have not yet exited the industry. D) greedy business people behaving in an inappropriate manner.