A well-tested economic theory is often called:
A. a hypothesis.
B. a prototype.
C. a principle.
D. an anomaly.
Answer: C
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A local monopoly is a firm that:
a. is the sole supplier of a good, without substitutes, in a specific geographic area. b. is one of the suppliers of a good in a specific geographic area. c. supplies all the products needed by consumers in a country. d. produces to meet the requirement of only one consumer. e. is one of the suppliers of a good that has a lot of substitutes, in a specific geographic area.
Public choice analysis suggests that the primary motivating factor for politicians will be finding the policies that are most likely to
What will be an ideal response?
Suppose present interest rates are relatively high. Financial investors will hold
A) smaller speculative balances because they expect bond prices to fall further. B) larger speculative balances because they expect bond prices to fall further. C) smaller speculative balances because they do not expect bond prices to fall further. D) larger speculative balances because they do not expect bond prices to fall further.
Which of the following financial institutions declared bankruptcy as a result of the financial crisis of 2007 and 2008?
A. Merrill Lynch B. Lehman Brothers C. Goldman Sachs D. AIG