Economists consider the economy to be at "full employment" when there is no cyclical unemployment
Indicate whether the statement is true or false
TRUE
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If the consumption of a good decreases the quantity available for another person, the good is rival
Indicate whether the statement is true or false
The reserve ratio of the Second Bank of the United States was ___________ the reserve ratio of most state banks
a. larger than b. smaller than c. about equal to d. dependent upon
Landon goes shopping for a used car. One dealer provides a two-year warranty on all of its cars. What does the warranty do?
a. Signal that the dealer does not sell lemons. b. Signal that the car is probably a lemon. c. Allow the dealer to use adverse selection against Landon. d. Allow Landon to use moral hazard against the dealer.
As a price searcher, a monopoly firm
A) must only determine the price it charges. B) must determine its optimal price-output combination. C) must determine its output level and then accept the market price for its product. D) must determine the prices it pays for its inputs and accept the market price for its output.