Mass production during U.S. industrialization involved using which of the following?
(a) Interchangeable parts
(b) Division of labor and specialization
(c) The assembly line
(d) All of the above
(d)
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The FDIC handles most bank failures by the purchase and assumption method because
A) the existence of uninsured deposits (over $100,000 ) makes runs and panics possible. B) it allows the FDIC to avoid paying off large deposits when a bank fails. C) most banks have become too big for the FDIC to allow them to fail. D) it allows the FDIC to write checks legally to pay all deposits, even those over $100,000.
In an extreme hypothetical instance in which the price change of a good elicited no change in quantity demanded, we would say that the item is
A) perfectly elastic. B) perfectly inelastic. C) infinitely elastic. D) unitary elastic.