At higher interest rates, the:
A. money supply is higher.
B. money supply is indeterminate.
C. quantity of money demanded is higher.
D. quantity of money demanded is lower.
Answer: D
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Refer to Figure 21.1. The highest 20% of the population earn ________ of total income
A) 40% B) 44% C) 60% D) 80%
If the social cost of producing a good exceeds the private cost,
A) a negative externality exists. B) no externalities exist. C) a positive externality exists. D) the market is efficient.
In perfect competition, an increase in the firm’s fixed costs lead to
A. a drop in the firm’s output. B. an increase in the firm’s output. C. an increase in its total costs. D. a drop in industry output.
Either a price floor or a price ceiling will result in a smaller quantity exchanged than if the price was at its equilibrium level
a. True b. False Indicate whether the statement is true or false