The currency component includes paper money and coins held in
A) bank vaults.
B) ATMs.
C) the hands of the nonbank public.
D) the central bank.
C
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All of the following occur whenever a government taxes a product except
A) the quantity consumed of that product falls. B) the price of that product rises. C) there will be no excess burden if the government's tax revenue is sufficiently large to offset the deadweight loss. D) the marginal benefit of the last unit sold exceeds the marginal cost of producing it.
An decrease in the price of oil on the world market would cause aggregate output to
a. rise and the aggregate demand to rise. b. rise and the aggregate demand to rise. c. rise and the aggregate supply to rise. d. fall and the aggregate supply to fall.
Monopolistic competition and perfect competition differ because
A) only monopolistically competitive firms will set MR = MC. B) only perfectly competitive firms will set MR = MC. C) only monopolistic competition allows for entry of other firms in the long run. D) only competitive firms take the price as given.
The supply schedule assumes that factors other than:
A. price remain the same. B. price must change. C. supply remain the same. D. supply must change.