The idea of the "Invisible Hand" is that people make lifetime consumption plans.
Answer the following statement true (T) or false (F)
False
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In the foreign exchange market, the exchange rate is volatile because the
A) factors that influence the supply of dollars also influence the demand for dollars. B) demand for dollars changes more frequently than the supply of dollars. C) both the demand curve for dollars and the supply curve of dollars are very flat. D) supply of dollars changes more frequently than the demand for dollars. E) None of the above is related to the volatility of the exchange rate.
If the government implements a price ceiling on insulin, this will have all of the following effects on the market for insulin except
A) an increase in deadweight loss. B) a decrease in producer surplus. C) a more efficient equilibrium. D) a decrease in economic surplus.
When there are few substitutes available for a good, demand tends to be relatively inelastic
Indicate whether the statement is true or false
Total government revenues in the United States are about _____ percent of GDP
a. 25 b. 17 c. 45 d. 30