Monopolists are price
A. Takers, as are competitive firms.
B. Makers, but competitive firms are price takers.
C. Makers, as are competitive firms.
D. Takers, but competitive firms are price makers.
Answer: B
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When the government increases its borrowing in the loanable funds market, the likely result is ________ loanable funds traded at a ________ interest rate.
A. fewer; higher. B. more; higher. C. more; lower. D. fewer; lower.
The incidence of an excise tax
a. refers to who really pays it b. always falls on suppliers c. is equally divided between demanders and suppliers d. is determined by the number of demanders e. is decided by the government when the tax is imposed
Answer the following statements true (T) or false (F)
1. The labor supply curve(s) will shift left if there is a decrease in wages. 2. An increase in the price of a product signals consumers that there is an overage and the product should perhaps be economized on. 3. The market price system provides a highly efficient mechanism for disseminating information about relative scarcities of goods, services, labor, and financial capital. 4. It is a common mistake to confuse the slope of the supply curve with its elasticity. 5. Zero elasticity in either a supply or demand curve occurs when a price change of one percent results in a quantity change of one percent.
Prior to the creation of the Fed, promissory notes that were issued by banks with a pledge to redeem them for gold, were known as
a. assets b. transactions notes c. precautionary notes d. FDIC vouchers e. bank notes