High and unexpected inflation has a greater cost
a. for those who borrow than for those who save.
b. for those who hold a little money than for those who hold a lot of money.
c. for those whose wages increase by as much as inflation than for those who are paid a fixed nominal wage.
d. for savers in high income tax brackets than for savers in low income tax brackets.
d
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A lighthouse might be considered a private good if
a. there is a second lighthouse nearby, thus preventing a monopoly. b. the owner of the lighthouse is able to exclude beneficiaries from receiving the benefits of the lighthouse. c. ships are able to enjoy the benefits of the lighthouse without paying for the benefit. d. a nearby port authority is able to avoid paying any fees to the lighthouse owner.
On the graph for a monopolist’s losses, the monopolist suffers a loss because demand is ______.
a. too high
b. insufficient
c. elastic
d. unit elastic
"No individual should have less than $20,000 income in the United States in 2017" is an example of
A) a normative statement. B) a positive statement. C) an illogical and refutable statement. D) a truism.
At a price of P0 in the above figure, which of the following statements is FALSE?
A. Quantity demanded equals quantity supplied. B. P0 is the market clearing price. C. There is an equilibrium in the market. D. There is a surplus equal to Q0.