In a perfectly competitive market, firms vigorously compete with each other by selling different varieties of the same product.
Answer the following statement true (T) or false (F)
False
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When people reduce their rate of time preference
A) more credit is made available in the banking system. B) less credit is made available in the banking system. C) the demand for credit shifts right. D) the supply of credit shifts left.
When using pollution charges to improve efficiency in a market with an external cost, regulators attempt to set the pollution charge equal to the
A) marginal social cost of production. B) marginal external cost of production. C) marginal private cost of production. D) marginal private benefit of consumption. E) marginal external benefit minus the marginal external cost.
Which of the following is included in the consumption component of GDP?
a. household purchases of appliances.
b. household purchases of medical care.
c. household purchases of food.
d. All of the above are included in the consumption component of GDP.
The primary criticism by Keynesians of the credibility argument for rules is that
A. rules that reduce presidential and congressional influence over monetary policy could ultimately be harmful to the economy. B. the cost of losing flexibility over policy choices may exceed the cost of gaining credibility. C. reputations are a less costly method of maintaining credibility. D. reputations are a less costly method of gaining credibility.