Answer the following statement(s) true (T) or false (F)
1. Large numbers of transactors lower transaction costs.
2. It is easy to exclude people from the benefits of clean air and water.
3. A private good is rival and excludable.
4. A public good is rival.
5. People who get benefits without paying for them are called free riders.
1. False
2. False
3. True
4. False
5. True
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How are a firm's short-run and long-run average cost curves related?
a. SRAC is greater than LRAC, which forces the LRAC curve to be upward sloping. b. SRAC and LRAC slope up or down together, but SRAC is always the steeper of the two curves. c. The SRAC curve is tangent to and lies above the LRAC curve. d. The LRAC curve just touches the SRAC curve at its minimum point.
The most significant cost to a central bank of reducing unemployment is the costs
a. incurred by printing and distributing new money. b. of lower output. c. of higher real wages. d. of inflation.
If Stock A and Stock B both increase in value at the same time, they are
A) negatively correlated. B) uncorrelated. C) positively correlated. D) certain bets.
A corporation has legal status like an individual citizen
a. True b. False Indicate whether the statement is true or false