By 1900, what did the National Banking System under the Bank Act of 1863 (and subsequent amendments) help national banks attain?
(a) A majority of banking establishments
(b) A majority of banking assets
(c) A monopoly issue of paper money
(d) All of the above
(c)
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What is another name for the natural unemployment rate?
a. Non-deteriorating low-inflationary unemployment (NDLIU) b. Natural rate of no-inflation unemployment (NRNIU) c. Non-accelerating-inflation rate of unemployment (NAIRU) d. Non-inflationary rate of low unemployment (NIRLU) e. Natural unaffected rate of inflationary unemployment (NURIU)
If an economy's resources are fully employed,
a. a great deal of unemployment will be needed to achieve even a small reduction in inflation. b. the aggregate supply curve (and thus the Phillips curve) will be flat. c. the aggregate supply curve (and thus the Phillips curve) will be steep. d. Both a and c are correct.
Which statement is false?
A. Once a monopoly is set up, it is possible to dislodge it. B. Some monopolists have control over an essential resource. C. Several competing firms can provide cheaper service than a natural monopoly. D. As a firm grows larger, at first it realizes economies of scale, but eventually diseconomies of scale set in.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable. B. cannot be produced with the current state of technology. C. represents underallocation of resources. D. represents what the people want.