If information is less costly and more easily available, then usually this
A. makes markets less efficient.
B. increases profit opportunities.
C. makes markets more efficient.
D. increases the opportunity cost of acquiring more information.
Answer: C
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Other things constant, which of the following would most likely cause the supply of garden hoses to decrease?
a. an increase in the price of plastic used to make garden hoses b. a technological advance that lowers the cost of producing garden hoses c. the occurrence of a very dry year with little rain d. a decrease in the price of grass seed
Which of the following is not a function of money?
a. Medium of exchange. b. Standard of deferred payment. c. Unit of account. d. Store of value. e. All of the above are functions of money.
In early 2008, the housing crisis and rising oil prices increased the risk of recession in the United States. What fiscal policy action was taken by Congress and the president to counter these events?
A) The Federal Reserve cut its target for the federal funds rate. B) There was an increase in government spending on defense and unemployment compensation. C) Taxpayers were given rebates on taxes they already paid. D) Income taxes were raised to reduce the federal budget deficit and reduce interest rates.
The ________ broadly we define a market, the less difficult it becomes to find ________.
A. more; goods independent of each other B. more; substitutes C. more; complements D. less; substitutes