The production of information products is characterized by
A) relatively low fixed cost.
B) relatively low marginal cost.
C) diseconomies of operation.
D) an upward sloping marginal cost curve.
Answer: B
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The Fed would be pursuing a contractionary monetary policy if it was
A) selling bonds in the open market. B) lowering the differential between the discount rate and the federal funds rate. C) selling dollars in foreign exchange markets. D) lowering the reserve requirement.
Which of the following statements is true?
A) The command system is remarkable at providing price signals that guide resources in a way that maximizes social surplus. B) Market economies minimize waste and provide incentives to all market participants to promote their own interests. C) Coordination of different economic agents and bringing them together to trade is a central problem of a free market economy. D) The broader interests of societies are met more often under a command system in comparison to a market system.