If consumption of a good creates positive externalities, then
a. the market will under produce it
b. the market will over produce it
c. the market must be perfectly competitive
d. the market must be constrained by barriers to entry
e. the market will produce the most efficient quantity
A
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If Sam Sneed desires a loan from the Marshall National Bank but the bank only has its legally required reserves on hand, then
a. Sam must go to another bank for his loan b. the Marshall National Bank can borrow directly from a state-chartered bank c. the Marshall National Bank cannot grant the loan because it is state chartered d. the Marshall National Bank can reduce its reserves e. the Marshall National Bank can borrow from its district Federal Reserve Bank
Abstraction can lead to gross distortions of pertinent facts
a. True b. False Indicate whether the statement is true or false