Firms in monopolistically competitive markets and monopolies can earn long-run profits due to barriers to entry
a. True
b. False
Indicate whether the statement is true or false
False
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Money as a medium of exchange I. Facilitates the exchange of goods II. Reduces the incentive to barter
A) I only B) II only C) Both I and II D) Neither I nor II
The classic example of a public good is a lighthouse. Explain why lighthouses were provided by government
If the Fed buys $10 million dollars in government bonds from a bank, and the legal reserve requirement is 20 percent, the banking system is able to expand the money supply by
a. $10 million b. $8 million c. $2 million d. $40 million e. $50 million
In the economy of Talikastan in 2015, exports were $500, GDP was $6400, government purchases were $1700, imports were $400, and investment was $1800 . What was Talikastan's consumption in 2015?
a. $2000 b. $2800 c. $3000 d. $3800