If a firm is able to charge each customer the maximum amount that he or she is willing to pay for its good,
a. the firm is engaging in rent-seeking behavior
b. profits for the firm will be lower than for a single-price monopolist
c. the firm will be violating federal law
d. this is perfect price discrimination
e. barriers to entry into the market will fall
D
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A voting procedure in which each voter ranks alternatives and awards more points to higher-ranked alternatives and fewer points to lower-ranked alternatives,
and the alternative which receives the most total points from all voters wins, is known as the A) Borda-count method. B) Condorcet method. C) instant runoff method. D) plurality-rule method
An example of a standardized good is:
A. grain. B. granola cereal. C. hamburgers. D. digital cameras.
The money market is distinguished from the capital market, because
a. The money market is where foreign exchange is traded, and the capital market is where long-term and short-term funds are borrowed and lent. b. The money market is where foreign exchange is traded, and the capital market is where long-term funds (i.e., maturities more than one year) are borrowed and lent. c. The money market is where foreign exchange is traded, and the capital market is where short-term funds (i.e., maturities equal to or less than one year) are borrowed and lent. d. The money market is where short-term funds (i.e., maturities equal to or less than one year) are borrowed and lent, and the capital market is where long-term funds (i.e., maturities greater than one year) are borrowed and lent. e. None of the above.
Which of the following statements is most accurate about fiscal policy since the end of the Great Recession?
A. Cyclically adjusted deficits that occurred in 2009 eventually gave way to cyclically adjusted surpluses as the economy recovered. B. The cyclically adjusted budget remained in deficit, but those deficits became smaller from 2009 to 2015, so fiscal policy became contractionary. C. The cyclically adjusted budget remained in deficit and those deficits became smaller from 2009 to 2015, but fiscal policy remained expansionary. D. Cyclically adjusted deficits rose steadily from 2009 to 2015, so fiscal policy became increasingly expansionary.