Queuing is a way to ration goods
A) on a first-come, first-serve basis.
B) through prices.
C) through the use of political power.
D) through markets.
Answer: A
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Creative destruction includes all of the following except
(a) The rise of the automobile industry at the expense of the carriage industry (b) The rise of the computer industry at the expense of the typewriter industry (c) The destruction of all capital during economic busts (d) There is no except; all of the above are examples of creative destruction
In the United States, the minimum wage is defined as
A) the wage that the youngest job entrant into the job market makes. B) the lowest wage that a corporation should pay a worker if the corporation wants to ensure that its employees are well trained. C) the lowest hourly wage rate a firm may legally pay its workers, as legislated by the U.S. government. D) the wage ceiling above which a firm no longer must pay its employees additional benefits.
If a bank has $1 million in demand deposits, $350,000 in reserves, and faces a 30 percent reserve requirement, the amount of money that a bank could initially create by loaning out their excess reserves is: a. $50,000
b. $300,000. c. $350,000. d. $700,000.
Suppose Kelly and Jerry are at an allocation bundle where their MRS are not equal
a. they are an equilibrium. b. there are gains from trade. c. they are happy. d. they are outside the Edgeworth box. e. they are trading.