Depositors have a strong incentive to show up first to withdraw their funds during a bank crisis because banks operate on a
A) last-in, first-out constraint.
B) sequential service constraint.
C) double-coincidence of wants constraint.
D) everyone-shares-equally constraint.
B
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The excess burden of a tax
A) is measured by the administrative costs required to implement a tax system. B) is a measure of the foregone consumption as a result of having to pay taxes. C) is a measure of the hardship imposed on low-income individuals in a society. D) measures the efficiency loss to the economy that results from a tax, causing a reduction in the quantity of goods and services produced.
Research on the productivity of southern cotton plantations shows that:
a. cotton production was greater on large slave plantations than on small free-family farms. b. the majority of the South's cotton crop was grown on farm units of less than 100 acres. c. output per slave declined during the antebellum period. d. plantation-style agriculture was inefficient. e. All of the above.
Monopsonists hire the amount of labor that will equate the marginal factor cost with the derived demand curve for labor.
Answer the following statement true (T) or false (F)
First-past-the-post voting entails:
A. one vote with many options, and the option that gets to 51% wins. B. one vote with many options, and the option with the most votes wins. C. voters ranking all available options and the option most approved of wins. D. a series of votes with two options; the winner of the first vote is paired with another option until all options have been voted on in pairs and there is one winner.