In well-working markets, cost economies from standardization are reflected in the level of product variety.
Answer the following statement true (T) or false (F)
True
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If the Federal Reserve increases the federal funds rate dramatically, which of the following would we expect to happen?
A. People with adjustable-rate mortgages would be better off. B. The amount of credit card borrowing would increase. C. The price of houses would increase. D. The price of cars would decrease.
The above figure shows a housing market with a rent ceiling equal to $1,000. In this figure, what area is equal to the deadweight loss?
A) area A B) area B C) area C D) area D E) area E
Suppose a farmer raising beef is making a normal profit. Then, because of a scare about mad cow disease, the demand for beef decreases drastically. What happens to the profits of the beef farmer in the short run and in the long run?
What will be an ideal response?
If the MPC is 0.70, then the spending multiplier is equal to:
a. 0.70. b. 0.30. c. 0.14. d. 3.33. e. 5.