The daily vegetable market is an example of an oligopoly market structure
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose that two roommates share a bathroom. Jeff, your roommate, makes a mess with toothpaste in the sink. This bothers the other roommate, Justin. According to the Coase Theorem, one necessary condition to alleviate the externality of toothpaste in the sink is that
A. either Jeff or Justin own the house (and therefore the bathroom). B. neither Jeff nor Justin own the house (and therefore do not own the bathroom). C. Jeff has the right to leave the toothpaste and Justin cannot do anything else. D. Justin has a right to a clean bathroom and Jeff has to clean up the toothpaste.
Which of the following statements about U.S. inflation is not correct?
a. Low inflation was viewed as a triumph of President Carter's economic policy. b. There were long periods in the nineteenth century during which prices fell. c. The U.S. public has viewed inflation rates of even 7 percent as a major economic problem. d. The U.S. inflation rate has varied over time, but international data show even more variation.
Refer to the diagrams. Assume that only wheat can be grown on the three grades of land shown in Figures (a), (b), and (c). Also assume that identical amounts of labor, capital, and other needed inputs are used in farming each grade of land. On the basis of these three figures, we can say that:
A. the land shown in both Figures (a) and (b) is a"free good."
B. the land shown in Figure (a) only is a "free good."
C. the land shown in all three figures is a "free good."
D. land is not a "free good" in any of the three figures.
Refer to the given balance sheets and assume the reserve ratio is 25 percent. Suppose the Federal Reserve Banks sell $2 in securities directly to the commercial banks. As a result of this transaction, the supply of money:
A. will decrease by $2, but the money-creating potential of the commercial banking system
will not be affected.
B. is not directly affected, but the money-creating potential of the commercial banking system
will decrease by $8.
C. will directly increase by $2 and the money-creating potential of the commercial banking
system will decrease by an additional $8.
D. will directly increase by $2 and the money-creating potential of the commercial banking
system will increase by an additional $8.