In theory, any object ________ could play the role of fiat money
A) in unlimited supply B) for which demand is limited
C) in limited supply D) that has an unlimited demand
C
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In the long run, the number of firms in an industry may change. If the number of firms increases, then
A) the supply curve will shift outward to the right. B) the demand curve will shift outward to the right. C) the supply curve will shift inward to the left. D) the demand curve will shift inward to the left.
When the Federal Reserve System was first established, which of the following was its chief responsibility?
a. Keeping the inflation rate low and stable b. Ensuring the stability of the banking system c. Achieving full employment of the labor force d. Keeping the interest rate low and stable e. Keeping output growth high and stable
In a market, a distortion does not exist if
A. the social marginal benefit is less than the social marginal cost. B. the social marginal benefit is equal to the social marginal cost. C. the social marginal benefit is greater than the social marginal cost. D. the private marginal benefit is greater than the social marginal benefit.
Which of the following is an example of an external cost?
A. Automobile exhaust fumes. B. Eating a sandwich at a local deli C. Unfair pricing behavior by a monopoly. D. Unemployment.