Recognition lag is the time it takes for policymakers to recognize the existence of an economic expansion or a recession
a. True
b. False
Indicate whether the statement is true or false
True
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An example of economies of scale in the provision of financial services is
A) investing in a diversified collection of assets. B) providing depositors with a variety of savings certificates. C) hiring more support staff so that customers don't have to wait so long for assistance. D) spreading the cost of writing a standardized contract over many borrowers.
Economic decision makers will continue to acquire information only as long as the expected additional benefit exceeds the expected additional cost of the information
a. True b. False
The sum of payments made for all types of products produced in the economy is referred to as national income
Indicate whether the statement is true or false
Equilibrium price must decrease when demand
a. increases and supply does not change, when demand does not change and supply decreases, and when demand decreases and supply increases simultaneously. b. increases and supply does not change, when demand does not change and supply decreases, and when demand increases and supply decreases simultaneously. c. decreases and supply does not change, when demand does not change and supply increases, and when demand decreases and supply increases simultaneously. d. decreases and supply does not change, when demand does not change and supply increases, and when demand increases and supply decreases simultaneously.