A monopolist that engages in perfect price discrimination
a. divides all buyers into two mutually exclusive groups
b. refuses to sell to consumers of certain races, sexes, or creeds
c. charges the same price for every unit sold
d. charges a different price for every unit sold
e. charges buyers who want a little of the good a low price and charges buyers who want a lot of the good a high price
D
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For each $1 of a tax cut, economists expect consumption to
A. decrease by $1. B. decrease by less than $1. C. increase by less than $1. D. increase by $1.
The implication of Say's law is that
A) a barter economy is the most efficient economy. B) increased consumption today leads to increased production tomorrow. C) overproduction in a market economy is not possible. D) Gross Domestic Product is the same whether we use the expenditure approach or the income approach.
The concept of holding reserves, such as gold, that are less than the value of the total deposits
A) is known as fractional reserve banking. B) has been illegal since the passage of the Financial Services Modernization Act of 1999. C) is known as non-credit banking. D) None of the above are correct.
Economists devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories
a. True b. False Indicate whether the statement is true or false