A financial institution that accepts deposits, makes loans, and offers checking accounts is
A) an insurance company.
B) the Federal Deposit Insurance Corporation.
C) the Federal Reserve System.
D) a commercial bank.
Answer: D) a commercial bank.
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Refer to Table 4-4. Suppose that the quantity of labor demanded decreases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $9.50; Q = 380,000 B) W = $10.00; Q = 390,000 C) W = $8.00; Q = 350,000 D) W = $8.50; Q = 340,000
The economic surplus of an action is:
A. the benefit gained by taking an action. B. the money a person has left over after taking an action. C. the difference between the explicit and implicit costs of taking an action. D. the difference between the benefit and the cost of taking an action.
In an economy at full employment, a presidential candidate proposes cutting the government debt in half in four years by increasing income tax rates and reducing government expenditures. According to Keynesian theory, implementation of these policies is most likely to increase
A) unemployment B) consumer prices C) aggregate demand D) aggregate supply E) the rate of economic growth
A given supply curve illustrates
A. the effect of a change in technology on quantity supplied. B. the effect of a change in resource costs on quantity supplied. C. the relationship between expected future prices and quantity supplied. D. the relationship between price and quantity supplied.