Why might the government impose regulations on monopolistically competitive firms?
a. to make them less like monopolies
b. to make them more like perfectly competitive firms
c. to make them less like perfectly competitive firms
d. to make more like non-profit organizations
b. to make them more like perfectly competitive firms
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An itemized account of a nation's foreign economic transactions is its:
a. gross domestic product. b. goods exports. c. goods imports. d. balance of payments. e. foreign exchange reserves.
The money supply will grow faster through deposit creation when the required reserve ratio is:
a. high and banks hold excess reserves. b. high and banks cannot find good customers to lend to. c. low and banks are able to lend out all of their excess reserves. d. low and banks are unable to loan out all of their excess reserves. e. high and banks are not able to loan out all of their excess reserves.
When a price floor is above the equilibrium price,
a. quantity demanded will exceed quantity supplied, so there will be a shortage. b. quantity supplied will exceed quantity demanded, so there will be a surplus. c. the market will be in equilibrium. d. This is a trick question because price floors are generally set below the equilibrium price.
Which best describes money as a means of payment?
A. To obtain a double coincidence of wants without money is impossible. B. Money provides an immediate double coincidence of wants. C. Money requires at least two transactions to obtain the double coincidence of wants. D. Money makes sure a double coincidence of wants never occurs.