When a positive externality is present in a market, the quantity consumed:
A. is the same as the socially optimal quantity.
B. is often more than the socially optimal quantity.
C. is less than the socially optimal quantity.
D. is always more than the socially optimal quantity.
Answer: C
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Refer to the Article Summary. When Fed Chair Janet Yellen announced that a rate increase would be warranted by the end of the year, she was was referring to the
A) required reserve rate. B) long-term real rate of interest. C) prime rate. D) federal funds rate.
The outcome of a colluding oligopoly:
A. is more efficient than that of a competitive oligopoly. B. is the same as that of a monopolist. C. is less efficient than that of a monopolist. D. is more efficient than that of a monopolist.
Demand is inelastic when elasticity is ______.
a. less than 1 b. less than 2 c. more than 1 d. more than 2
At what price level would RGDP demanded be $19 trillion?
a. 50
b. 60
c. 70
d. 80