In the term "Free Banking," the "free" means:
a. the freedom of any state legislature to charter a bank.
b. the freedom of banks to mint U.S. coins.
c. the freedom of anyone to start a bank.
d. None of the above are correct.
c. the freedom of anyone to start a bank.
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Which of the following is NOT a defining characteristic of perfectly competitive industries?
A) many buyers and sellers B) unrestricted entry and exit C) consumer knowledge about prices charged by each firm D) higher prices being charged for certain name brands
The "law" of diminishing returns is also referred to as
a. the "law" of diminishing returns to scale. b. the "law" of variable input proportions. c. diminishing average physical product. d. the "law" of decreasing cost.
A market structure characterized by a very few firms who behave interdependently is known as:
a. monopoly. b. monopolistic competition. c. natural monopoly. d. oligopoly.
Which of the following changes shifts the SRAS curve up?
A. An increase in firms' costs B. A decrease in government purchases C. An increase in the labor force D. An increase in the money supply