The National Banking Act of 1863, did which of the following?
(a) Permitted interstate branch banking
(b) Created one national central bank in the U.S.
(c) Created federally chartered national banks restricted to conducting businesses
within a designated state.
(d) Created federally chartered national banks open to conducting businesses
across states.
(c)
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In the above figure, Brendan originally consumes at point A. If his income falls and compact discs are a normal good but haircuts are an inferior good then he will begin consuming at a point such as
A) B. B) E. C) F. D) G.
The entry of new firms into a monopolistic competitive industry will shift the
a. market demand curve to the right b. market demand curve to the left c. existing firms' demand curves to the right d. existing firms' demand curves to the left e. market supply curve to the left
Persistent wage differentials in the U.S. can best be explained by
a. increased immigration of both skilled and unskilled workers b. increased labor-force mobility among the states c. the existence of noncompeting labor markets d. the existence of backward-bending labor supply curves e. the increasing competitiveness of firms in labor markets
Figure 33-5
?
Over a five-year period, economists observed that the unemployment–inflation relationship appeared as in Figure 33-5. Economic theory would conclude that the period
A. was dominated by supply shocks such as increased energy and food costs. B. was affected by both supply and demand shocks, with demand shocks dominating. C. was dominated by demand-side changes. D. cannot be explained because the relationship is the opposite of what the Phillips curve would predict.