Adam Smith's book The Wealth of Nations was published at the time of the:
a. Great Depression. b. U.S. Declaration of Independence.
c. U.S. Civil War. d. War of 1812.
b
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Complete Milton Friedman's famous statement, "Inflation is always and everywhere a ________ phenomenon."
A) recessionary B) discretionary C) repressionary D) monetary
Suppose Always There Wireless serves 100 high-demand wireless consumers, who each have a monthly demand curve for wireless minutes of QdH = 200 - 100P, and 300 low-demand consumers, who each have a monthly demand curve for wireless minutes of QdL = 100 - 100P, where P is the per-minute price in dollars. The marginal cost is $0.25 per minute. Suppose Always There Wireless charges $0.25 per minute. How much can Always There Wireless charge as a fixed fee without losing the low-demand consumers?
A. $9.38 B. $28.13 C. $153.13 D. $1.00
Which of the following is a way to reduce agency costs?
a. Change the decision maker b. Transferring information to the decision maker c. Change the decision maker's incentives d. All of the above
Imagine that Odyssey National is a brand new bank, and that its required reserve ratio is 10 percent. If it accepts a $1,000 deposit, then its excess reserve balance will be:
a. $0. b. $90. c. $100. d. $900. e. $910.