Authors are allowed to be monopolists in the sale of their books in order to
a. encourage authors to write more and better books.
b. correct for the negative externalities that the Internet and television impose.
c. satisfy literary advocacy groups that exercise their lobbying power.
d. promote a society in which people think for themselves and learn from whichever books they please.
a
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The marginal rate of substitution is: a. the total amount a consumer is willing to trade to get another good
b. the rate at which the consumer is willing to trade one good to gain one more unit of another good. c. is reflected by the slope of the indifference curve. d. characterized by both b. and c.
A run on a bank may occur if
a. depositors withdraw some funds to invest in the stock market. b. required reserves are increased. c. interest rates are raised. d. depositors lose confidence in the bank and attempt to withdraw all their funds. e. All of the above are correct.
Exhibit 1A-4 Straight line
In Exhibit 1A-4, as X increases along the horizontal axis, corresponding to points A-D on the line, the Y value remains unchanged at 40 units. The relationship between the X and Y variables is:
A. direct. B. inverse. C. independent. D. undefined.
If expected profit falls, the demand for loanable funds curve shifts ________, and the real interest rate ________
A) leftward; does not change B) leftward; rises C) leftward; falls D) rightward; falls E) rightward; rises