A market in which finished goods and services are exchanged is a:
a) Product market.
b) Financial market.
c) Intermediate-goods market.
d) Factor market.
Answer: a) Product market.
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Suppose Congress passes a law that states the price of gasoline may not exceed $6 per gallon (but may be lower)
If the current price of gasoline is less than $6, what impact does this law have on the current price and quantity of gasoline in the US market? A) There is a shortage of gasoline B) There is a surplus of gasoline C) Quantity supplied currently equals quantity demanded, but a surplus is possible at prices above $6 D) The law currently has no impact, and the market clears at the equilibrium price
Which one of the following is NOT a government failure?
A. The "bridge to nowhere" in Alaska B. The FEMA reaction to Hurricane Katrina C. Allowing federal budget deficits to be financed by foreigners while calling for further tax cuts to help incumbent politicians get reelected D. Water pollution
You have a bond that entitles you to a one-time payment of $10,000 one year from now. The interest rate is 10 percent per year. How much is the bond worth today?
a. $9,090.91 b. $10,000.00 c. $8,264.46 d. $9,523.81
The effect on business of the crowding-out effect in the short run would be reflected by ______.
Fill in the blank(s) with the appropriate word(s).