A financial system is a means of bringing together savers and borrowers.
Indicate whether the statement is true or false.
Answer: True
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How would the market for coffee be affected if the government charged an excise tax of $1.00 on each unit of coffee sold?
A) There would be a shortage of coffee. B) The demand for coffee would increase. C) The demand for coffee would decrease. D) The supply curve would shift up vertically by $1.00.
If the price elasticity of supply is zero, then
a. supply is more elastic than it is in any other case. b. the supply curve is horizontal. c. the quantity supplied is the same, regardless of price. d. a change in demand will cause a relatively small change in the equilibrium price.
A profit-maximizing monopolist will produce the level of output at which
a. average revenue is equal to average total cost. b. average revenue is equal to marginal cost. c. marginal revenue is equal to marginal cost. d. total revenue is equal to opportunity cost.
Inflation is measured by examining the percent increase in the ________ from one year to the next.
A. price of gas B. GDP growth C. nominal GDP D. CPI