A market where there is only one seller, and buyers have no good alternative, is called
A. a monopoly.
B. perfect competition.
C. monopolistic competition.
D. an oligopoly.
Answer: A
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If the Fed sells government securities
A) commercial bank reserves will decrease. B) the government's debt will decrease. C) commercial bank reserves will increase. D) there will be no effect on the quantity of money.
Under a flexible exchange rate system, which one of the following would not directly affect the exchange rate?
a. a change in income b. the relative inflation rates in two countries c. the salary of the president of the United States d. a change in capital flows e. a change in the level of exports or imports
A determinant of the supply of loanable funds is:
A. current economic conditions. B. expected profit on an investment. C. investors’ confidence. D. All of these are determinants of the supply of loanable funds.
Which of the following best illustrates the fallacy of composition?
a. I hate driving to work when the traffic is so heavy, so I decide to leave 30 minutes earlier than in the past. If everyone were to leave 30 minutes earlier for work, we'd all get to work faster. b. A great many people have been immunized against polio because it can be such a devastating disease. As a result, I probably do not personally need to be immunized against polio. c. Whenever I attend a baseball game at the local stadium, the home team wins. Therefore, if I attend all of the team's local games, they will achieve a perfect winning record at home. d. The parking at Ohio State University is in short supply on the main campus. It would be better for more people to ride the bus to school.