Commercial banks are divided into ________ bank Federal Reserve regions?
A. 52
B. 12
C. 19
D. 7
Answer: B
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The specialization in production made possible by the use of money to avoid barter is an illustration of the:
A. cost-benefit principle. B. principle of increasing opportunity cost. C. principle of comparative advantage. D. scarcity principle.
Which of the following statements applies to a single-price monopolist?
A) In order to maximize profits, the monopolist will produce an amount of output that lies in the elastic range of its demand. B) In order to maximize profits, the monopolist will produce an amount of output that lies in the inelastic range of its demand. C) In order to maximize profits, the monopolist will produce where its demand is unit elastic. D) In order to maximize profits, the monopolist will produce an amount of output in the inelastic range of its supply.
If the demand is unit elastic, a price cut will leave the quantity demanded unchanged
Indicate whether the statement is true or false
Refer to Table 9-12. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many belts will Estonia consume?
A) 50 B) 70 C) 90 D) 120