The first run on a British bank since 1866 occurred in August 2007 at which bank?
A) Liberty Mutual
B) Liberty Rock
C) Northern Rock
D) Bank of England
E) First Savings and Loan
C
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A normative statement
A) depends on someone's values. B) cannot use the word "should." C) says what is currently believed about the way the world operates. D) must be tested to determine if it is correct. E) can be tested to determine if it is correct.
Explain how the price system eliminates a surplus
What will be an ideal response?
Suppose that a tax of $2 per unit of output is imposed on red rubber ball producers. What level of output maximizes profit?
A) -1 B) 3 C) 4.5 D) 5 E) B, C, and D are correct.
Which of the following would most likely cause the demand for veggi burgers to increase?
a. A decline in the price of veggie burger. b. An increase in the price of tofu burgers, perceived as a substitute by veggie burger consumers. c. An increase in the price of burger buns. d. A technological innovation that lowers the cost of producing veggie burgers.