You decide to spend Thanksgiving with your grandparents instead of going to Las Vegas with 20 of your closest friends. Losing the chance to be with your friends is the ________ cost of spending Thanksgiving with your grandparents
A) explicit
B) implicit
C) deferred
D) accrued
B
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How does a natural monopoly differ from a firm that becomes a monopoly due to network effects?
What will be an ideal response?
By keeping new firms from entering the market, oligopolies are more likely to have
a. long-run economic profit b. low prices c. great efficiency d. decreasing marginal costs e. economies of scale
If the federal government placed a 50 cent per pack excise tax on cigarette manufacturers, and if as a result, the price to consumers of a pack of cigarettes went up by 40 cents, the
a. actual burden of this tax falls mostly on consumers. b. actual burden of this tax falls mostly on manufacturers. c. actual burden of the tax would be shared equally by producers and consumers. d. tax would clearly be a progressive tax.
Answer the following statements true (T) or false (F)
1. When a bank buys government securities from the Fed, then the bank's ability to "create money" will be reduced. 2. A check for $10,000 drawn on Bank A and deposited at Bank B will increase the excess reserves in Bank B by $10,000. 3. The federal funds rate is the interest rate that the Fed charges banks for its loans to them. 4. One bank can borrow reserves from another bank, and the interest on the loan is called the federal funds rate. 5. If a bank has excess reserves of $100,000, then it can lend out only up to $100,000; but if the banking system has excess reserves of $100,000, then the system can make additional loans totaling more than $100,000.