Inefficient allocation of resources occurs when
A. no one can be made better off without having someone else give up something.
B. it is possible to make some people better off without making others worse off.
C. society is operating at a point high on the production possibilities frontier.
D. society is operating at a point low on the production possibilities frontier.
Answer: B
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The Monetary Control Act of 1980:
a. created less competition among various financial institutions. b. allowed fewer institutions to offer checking account services. c. restricted savings and loan associations to long-term loans. d. all of the above. e. none of the above.
For the single-price monopoly, marginal revenue is
a. more important than marginal cost b. always more than marginal cost c. always less than average cost d. always less than the price of output e. more significant than total revenue
What determines the magnitude of the changes in price level when central bank takes monetary policy measures that leads to a change in the aggregate demand?
a. Changes in the money supply b. Slope of the aggregate supply curve c. Rate of change of interest rate d. Total money supply in the economy
In making a cost-benefit analysis of whether to purchase a parking permit for on-campus parking, the benefit of buying a parking permit includes:
a. the time saved by not having to look for parking on the street. b. the ability to pay the price of the parking permit. c. the need of the student body to support campus policies. d. the cost of gasoline burned on the way to school.