Every time you go to the grocery store, you try to wait in the shortest line. But the lines always seem to be roughly the same length. Why?
A. Random chance equalizes the length of the lines.
B. The cashiers work at the same speed.
C. Other people are trying to choose the shortest line too.
D. The cashiers do not have an incentive to work faster.
Answer: C
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The money multiplier is used to determine how much the
A) quantity of money increases when the monetary base increases. B) monetary base increases when the quantity of money increases. C) monetary base increases when the Fed purchases government securities. D) monetary base increases when the Fed sells government securities. E) quantity of money increases when the required reserve ratio increases.
Producing leather creates external costs in the form of water pollution. The figure above illustrates the market for leather. In the absence of any government regulation, how many tons of leather will be produced?
A) 0 tons B) 200 tons C) 300 tons D) more than 300 tons E) None of the above answers is correct.
In open economies
A) saving and investment are necessarily equal. B) as in a closed economy, saving and investment are not necessarily equal. C) saving and investment are not necessarily equal as they are in a closed economy. D) saving and investment are necessarily equal contrary to the case of a closed economy. E) investment always refers to the domestic stock market.
Suppose the demand in a certain duopoly market with homogenous goods is Qd = 8,000 - 100P. The two firms in the market are firm V and firm W, and the marginal cost of producing the goods in question is equal to $25. Which of the following describes the Nash equilibrium in this market?
A. QV + QW = 2,750 B. One of the firms produces 5,500 units of output, and one of the firms does not produce. C. QV = QW = 5,500 D. QV = QW = 2,750