The price at which a good or service is traded on international markets is called the ________ price.
A. universal
B. international
C. market
D. world
Answer: D
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If transactions costs are low, private bargaining will always result in an efficient solution to the problem of externalities
Indicate whether the statement is true or false
Under autarky, consumer surplus is represented by the area
A) above the supply curve and below the equilibrium price. B) above the demand curve and below the supply curve. C) below the demand curve and above the equilibrium price. D) above the supply curve and below the demand curve.
Why did the money supply fall during the Great Depression?
a. The monetary base fell throughout the Great Depression. b. The amount of currency fell during the Great Depression. c. The ratio of currency/deposits fell during the Great Depression. d. The money multipier rose during the Great Depression. e. None of the above.
Suppose your utility function for food (F) and clothing (C) is u(F,C) = F + 4C. If you reduce your clothing consumption by 2 units, how much do you have to increase your food consumption in order to maintain the same utility level?
A) 2 units B) 4 units C) 6 units D) 8 units