Legal ceilings on the rate of interest charged to individuals
A) guarantee credit is allocated according to need rather than ability to pay.
B) make it easier for people with poor credit ratings to obtain loans.
C) reduce the probability corporations will obtain scarce credit by bidding funds away from consumers.
D) accomplish all of the above.
E) accomplish none of the above.
E
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From an economic perspective, when consumers leave a fast-food restaurant because the lines to be served are too long, they have concluded that the
A. marginal cost of waiting is less than the marginal benefit of being served. B. management is making an assumption that other things are equal. C. marginal cost of waiting is greater than the marginal benefit of being served. D. management is exhibiting irrational behavior by not maximizing profits.
Suppose two Bertrand price competitors have different constant marginal costs. In any simultaneous move Nash equilibrium, only the lower cost firm will produce.
Answer the following statement true (T) or false (F)
Suppose that MPL = 200 and MPK = 240. If R = 30, then at which of the following wages would the firm want to hire fewer workers and more capital?
A. W = 23 B. W = 24 C. W = 25 D. W = 26
Which is the most accurate statement?
A. The Japanese and Chinese bear most of the blame for our huge trade deficit. B. Our trade deficit with China has been rising more rapidly than our trade deficit with Japan. C. Our combined trade deficits with Japan and China now total about $100 billion. D. Most economists agree that the best way to reduce our trade deficit would be to impose high tariffs on our imports from Japan and China.