An Edge Act Corporation is:
A. a company created by a non-bank corporation used to purchase and operate banks.
B. a company created so a U.S. bank can operate in more than one state.
C. a subsidiary of a bank created to provide insurance and securities services.
D. a subsidiary of a domestic bank that is established specifically to engage in international banking transactions.
Answer: D
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Inferior goods have an income elasticity of demand that is
a. positive b. negative c. 0 d. greater than 1 in absolute value e. equal to 1 in absolute value
Entrepreneurship is
a. restricted to perfect competition. b. occurs only in well-functioning markets. c. the process of planting new crops. d. the process of taking business risks.
A balance-of-payments surplus for the United States can be corrected by
A. Increasing quotas on foreign goods. B. Reducing tariffs on foreign goods. C. Subsidizing U.S. exports. D. Increasing U.S. taxes.
Economists account for changes in tastes for a good as:
A. irrelevant for the demand curve. B. shifts in the demand curve. C. not demonstrable on the demand curve. D. movements along the demand curve.