The more complicated the task, the greater the ability to economize on transaction costs through specialization and centralized control
Indicate whether the statement is true or false
true
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The ________ the reserve ratio, the ________ the money multiplier
A) larger; larger B) smaller; smaller C) smaller; larger D) None of the above are correct.
The index of leading economic indicators: a. provide accurate information on the duration of downturns in the economy
b. virtually always predicts downturns in the economy with a lead time of six months. c. can result in a self-fulfilling prophecy if business firms respond to leading economic indicator predictions. d. provide accurate information on the depth of downturns in the economy.
An oligopolistic industry in which one firm sets the price is
a. a cartel b. a duopoly c. a monopoly d. price leadership e. a price-discriminating duopolist
If A is preferred to B and B is preferred to C, then we would expect A to be preferred to C. This property is called