The monetary base is the sum of
What will be an ideal response?
federal reserve notes, coins and banks deposits at the Fed.
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Under a monopoly, resources are misallocated such that
A) too few resources are used in other industries, and too many are used by the monopoly. B) too few resources are used by the monopoly, and too many are used elsewhere. C) resources are being used as efficiently as possible only by the monopoly. D) consumers are being forced to pay a price below the MC of the monopolist.
The diamond/water paradox is only true in theory, but no real-world examples have yet to be discovered.
Answer the following statement true (T) or false (F)
When the price of oysters decreases 25%, quantity demanded is unchanged. The price elasticity of demand for oysters is
A. inelastic. B. perfectly inelastic. C. elastic. D. unitary elastic.
The risk-shifting problem tends to be __________ for __________ firms than for __________ firms
A) greater; small; large B) greater; large; small C) the same; large; small D) None of the above.