A prominent aspect of the Great Depression of the 1930s, but not of the recent Great Recession, is ________
A) bank panics
B) mortgage defaults
C) an increase in the credit spread
D) nonconventional monetary policy
A
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If the government eliminates a tax on a good with a perfectly elastic supply, who benefits most?
A) buyers B) sellers C) buyers if the demand is also perfectly elastic, otherwise sellers D) buyers if the demand is unit elastic, otherwise sellers E) Buyers and sellers benefit equally.
A perfectly competitive firm is hiring variable resources M and N. It will minimize total costs
A) MRPm/MFCm = MRPn/MFCn. B) MRPm ? MFCm = MRPn ? MFCn. C) Pm/MPPm = Pn/MPPn. D) MPPm/Pm = MPPn/Pn.
The tendency for people who have good health insurance to take more risks with their health is called adverse selection.
Answer the following statement true (T) or false (F)
J.T. Smith runs Game maker, an equipment producer for gaming service corporations. As CEO, Smith is seemingly worth $2.5 million per year in the marketplace. The directors are attempting to decide how to divide his compensation package between cash salary and perquisites. Using budget constraints and indifference curves, illustrate the potential outcomes for the board of directors.
What will be an ideal response?