Which of the following is a form of government intervention designed to correct market failures?
a) Public goods.
b) Externalities.
c) Antitrust laws.
d) Laissez faire.
Ans: c) Antitrust laws.
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Since most people would be willing to pay far more for a cup of diamonds than for a cup of water,
A) diamonds provide more satisfaction to most people than water provides. B) most people are irrational when it comes to prestige or status goods. C) most people wrongly think they value diamonds more highly than water. D) people's choices and preferences are often inconsistent. E) very few people are ever in danger of dying of thirst.
The deposit multiplier is given by the formula
A) change in checkable deposits ÷ change in required reserves. B) change in checkable deposits ÷ change in reserves. C) change in excess reserves ÷ change in checkable deposits. D) change in legal reserves ÷ change in excess reserves.