What is the role of the Federal Deposit Insurance Corporation?
a. To insure bank deposits
b. To act as a lender of last resort
c. To establish regulations for commercial banks
d. To monitor the actions of commercial banks
e. To insure the assets of commercial banks
A
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Gross domestic product is the
A) value of the final goods and services produced in a country during a specific time. B) total amount that buyers spent on the final goods and services produced in a country during a specific time. C) total amount of income earned in producing the final goods and services in a country during a specific time. D) All of the above answers are correct.
A perfect monopoly:
A. can be a single seller or small group of firms. B. can offer a product at the lowest cost possible. C. controls 100 percent of the market for a product. D. always engages in price discrimination.
In Figure 1 above if the economy were at Y3 then we would expect there to be:
A. an increase in consumption spending. B. a reduction in inventories. C. an increase in inventories. D. no change in inventories.
Whether studying the output of the U.S. economy or how many classes a student will take, a unifying concept is that:
A. wants are limited and resources are unlimited, so trade-offs are unnecessary. B. both wants and resources are unlimited. C. wants are limited and resources are unlimited, so trade-offs have to be made. D. wants are unlimited and resources are scarce, so trade-offs have to be made.