Relative to a perfectly competitive market with the same cost and demand, a single-price monopolist produces ________ output and has a ________ price
A) more; higher
B) less; lower
C) more; lower
D) less; higher
D
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Fact: Very few skyscrapers are found on rural farmlands, far outside the city. Why?
A) As opposed to city property, farmland cannot support a skyscraper's tremendous weight per square foot. B) Skyscrapers would spoil the view of the rural landscape. C) The opportunity cost of building skyscrapers in rural areas is too high. D) There are far too many dangers involved.
The quantity equation makes the demand for money depend on
A) the unemployment rate and the level of interest rates. B) the inflation rate and the unemployment rate. C) interest rates and the unemployment rate. D) None of these.
An advisory council meets to chart a financial course for their country. If they want to see economic growth in the future, what should they do?
a. Spend more money on wages now. b. Produce more consumption goods. c. Produce more capital goods. d. Cut education spending.
The idea of time inconsistency:
A. explains how it can be rational for someone to pay more for something on his credit card than if he were to pay cash for the same thing. B. explains how it can be rational for someone to say he's going to eat a salad for dinner each night this week and end up eating pizza four out of five nights instead. C. explains why people refuse to ignore only some sunk costs. D. Time inconsistency doesn't explain any of these behaviors.