If the current allocation of resources in the market for hammers is inefficient, then it must be the case that
a. producer surplus exceeds consumer surplus in the market for hammers.
b. consumer surplus exceeds producer surplus in the market for hammers.
c. the sum of consumer surplus and producer surplus could be increased by moving to a different allocation of resources.
d. the costs that sellers of hammers are incurring could be reduced by moving to a different allocation of resources.
c
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Which of the following is true of the antitrust laws in the United States? They are
A) designed to make the business environment more equitable. B) designed to promote a competitive economy. C) deliberately written in a way to make clear to all what is and what is not allowed. D) deliberately written in a language to promote cooperation among businesses.
If the Federal Reserve sells $1,500 in bonds and the resulting money supply change is $7,500, what is the required reserve ratio?
a. 5.0 b. 0.2 c. 0.1 d. 0.4 e. 0.8