"Ceteris paribus" means
A) "invisible hand."
B) "other things constant."
C) "making all the necessary changes."
D) "individual."
B
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The federal funds market is the market where
a. the federal government borrows money from banks to finance the national debt b. the federal government lends money to commercial banks c. banks borrow from and lend to each other for short periods of time d. banks borrow money from the Fed for short periods of time e. banks buy bonds from the Treasury for long periods of time, typically 10-year bonds
Externalities require government intervention when
A. violence will result between disputing parties. B. there are only a few sellers in the market. C. property rights are not clearly established. D. the government imposes sales taxes. E. all of these answer options are correct.
If two variables move in opposite directions, they are said to be negatively correlated.
Answer the following statement true (T) or false (F)
Equilibrium in a perfectly competitive market results in the greatest amount of economic surplus, or total benefit to society, from the production of a good. Why, then, did Joseph Schumpeter argue that an economy may benefit more from firms that have
market power than from firms that are perfectly competitive? What will be an ideal response?