The U.S. Treasury estimates that between _______ and _______ of the U.S. currency is held outside the United States.
Fill in the blank(s) with the appropriate word(s).
two-thirds; three-quarters
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Transactions costs are the
A) costs of using the Coase theorem. B) opportunity costs of conducting a transaction. C) external marginal costs of the externality. D) reason why taxes cannot affect the inefficiency resulting from an external cost. E) external costs when a firm pollutes.
Suppose a seller's opportunity cost matches a buyer's valuation of the product. Assuming a two-person economy, which of the following statements will be true?
a. The transaction will benefit the buyer, while the seller will neither gain nor lose from it. b. The economic value created by this exchange will be zero. c. Both parties will be worse-off after the transaction. d. The seller will be worse-off than the buyer after the transaction.
How does a change in demand differ from a change in the quantity demanded? a. A change in demand can only be caused by a change in price, whereas a change in quantity demanded can be caused by anything other than a change in price
b. A change in quantity demanded is a shift of the demand curve, whereas a change in demand is a movement along the demand curve. c. A change in demand can only occur in the long run, whereas a change in quantity demanded is specifically short run. d. A change in demand is a shift of the demand curve, whereas a change in quantity demanded is a movement along the demand curve. e. A change in demand can only occur in the short run, whereas a change in quantity demanded is specifically long run.
For a firm, marginal revenue minus marginal cost is equal to
a. profit. b. average total cost. c. change in profit. d. change in average revenue.