At equilibrium, the market will clear, with no surpluses or shortages occurring
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following financial organizations have the ability to influence the supply of reserves in the United States?
A) Only public sector banks B) The World Bank C) Only private commercial banks D) The Fed
Suppose that a perfectly competitive firm's marginal revenue equals $12 when it sells 10 units of output. If the marginal cost of producing the 10th unit is $14, to maximize its profit the firm should
A) do nothing because it is already maximizing its profit. B) decrease its production. C) increase its production. D) shut down. E) increase the price it charges for its product.
Trade barriers should be removed to promote the welfare of the country. This is a(n)
A) positive statement. B) negative statement. C) inverse statement. D) normative statement.
Since 1929, total government taxes as a percentage of GDP:
a. climbed from 10 percent to over 35 percent. b. remained close to 30 percent. c. climbed from 30 percent to about 50 percent. d. climbed from 15 percent to about 50 percent.