What is the main role of banks?
a. Accepting deposits from individuals
b. Making loans to business
c. Acting as a financial intermediary between savers and borrowers
d. Acting as a depository institution for savers
c. Acting as a financial intermediary between savers and borrowers
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If the technology for producing a good enables one firm to meet the entire market demand at a lower average total cost than two or more firms could, then that firm has
A) patented the market. B) a natural monopoly. C) increasing average total costs. D) a legal barrier to entry. E) a discriminatory monopoly.
According to your authors, which action below clearly restricts competition?
A) A large firm raises its price. B) A large firm lowers its price. C) Government deregulates an industry. D) Antitrust legislation restricting other suppliers from entering into a market.
When Country X has high economic growth, this country has
A) a high level of real Gross Domestic Product (GDP). B) a high level of per capita real Gross Domestic Product (GDP). C) a large increase in per capita real Gross Domestic Product (GDP). D) a large increase in personal income.
In a perfectly competitive industry,
a. the market price is determined at the intersection of the market supply and demand curves b. the typical firm will just break even in the short run c. a rise in the market price will attract new entrants d. economics profits are a signal for new consumers to enter e. each firm faces the downward sloping market demand curve