Which of the following is true under monopoly?
A. P > minimum of ATC.
B. Profits are always positive.
C. P = MR.
D. None of the answers is correct.
Answer: D
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The steepest increase in the currency ratio since 1892 occurred during
A) World War II. B) the Great Depression. C) the interwar years. D) the past twenty years.
Identify the correct statement regarding a fractional reserve banking system.
a. Only a fraction of the banks in the system are allowed to create money b. Only a fraction of the banks in the system have reserves. c. The claims outstanding against the bank are only a fraction of the bank's total reserves. d. Each bank must deposit a fraction of its reserves with the Federal Reserve Bank. e. Bank reserves represent only a fraction of bank deposits.
Which of the following factors weakens the case for private-sector provision of goods and services relative to public-sector provision?
a. externalities b. the rational-ignorance effect c. the shortsightedness effect d. well-informed consumers
Production requires savings because production takes time, during which goods and services are not available from current production
Indicate whether the statement is true or false