Well-run financial markets:
A. are usually the result of little or no government regulation
B. ensure that resources are allocated efficiently
C. keep transactions costs high to benefit brokers
D. prevent the widespread pooling of information
Answer: B
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Use the figure below to answer the following question.
If actual production and consumption occur at Q1 and the price is P2
A. deadweight loss equals area f. B. producer surplus equals area c. C. producer surplus equals area c + b. D. consumer surplus equals area a + b.
Monetary policy is controlled by the U.S. Congress
Indicate whether the statement is true or false
In monopolistic competition, firms may differentiate their products in many ways except on the basis of:
a. quality. b. style. c. price. d. packaging. e. guarantees.
In order to achieve a high economic freedom rating, a country must
a. elect political officials democratically. b. protect property rights, enforce contracts even-handedly, and rely extensively on markets to allocate goods and services. c. provide citizens with housing, health care, and other basic goods free of charge. d. use the taxing power of the state to redistribute income from the rich to the poor and thereby promote income equality.