By the 2000s, investment banks had become significant participants in the secondary market for mortgages
Indicate whether the statement is true or false
TRUE
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After the price of Revlon nail polish increased, Jen stopped buying Revlon nail polish and started buying a cheaper brand of nail polish instead. This is called:
A. a decrease in the seller's reservation price. B. the income effect of a price change. C. the substitution effect of a price change. D. a decrease in the buyer's reservation price.
If there is a negative externality, and the market output is 100 units more than the socially optimal output, then it follows that
A. the external costs associated with the negative externality are greater than the marginal private costs. B. the external costs associated with the negative externality are less than the marginal private costs. C. there is market failure. D. any tax imposed on the production of the output will bring about the socially optimal output. E. none of the above
If the resources within a nation are not being fully or efficiently utilized, it means:
a. that the nation is operating at a point inside its production possibilities curve. b. that the nation is operating at a point outside its production possibilities curve. c. that the nation is operating at a point along its production possibilities curve. d. that the nation is probably technologically advanced. e. the government of that nation should seize ownership of the resources in order to attain the necessary efficiencies.
Advertising serves no productive purpose and is thus welfare decreasing.
Answer the following statement true (T) or false (F)