Which of the following markets is continuously in operation and not set in a single venue or restricted to certain dates or times?
a. The U.S natural gas industry
b. The San Francisco Wholesale Produce Market
c. The U.S. real estate market
d. An art exhibition
C
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A quota will reduce consumer welfare when
A) the quota is less than the amount purchased without the quota. B) the quota is greater than the amount purchased without the quota. C) the quota is on a good with high income elasticity. D) Quotas always reduce consumer welfare.
A contractionary policy can be thought of as: a. a decrease in the money supply b. an increase in the money supply c. an increase in the interest rate
d. either (a) or (c).
According to the textbook, monetary policymaking is most accurately described as:
A. both an art and a science. B. a science due to detailed models used. C. an art since human judgments are necessary. D. superior to other policies, since it is conducted by economists.
The ratio of a change in consumption to a change in income is the:
a. consumption function. b. propensity to consume. c. average propensity to consume. d. extra propensity to consume. e. marginal propensity to consume.