What is the typical role of a central bank?
A) It serves as a lender of last resort. B) It serves as a bank for the national treasury.
C) It regulates depository institutions. D) all of the above
D
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Explain how we "read" the three graphs in Figs. A1.1 and A1.2
What will be an ideal response?
A firm can use its demand curve to calculate
A. total revenue. B. economic profit. C. production costs. D. accounting profit.
During the Great Depression, many industrial countries tried protecting domestic jobs by raising tariffs. Economic theory would suggest that the result would be
A) success for only the countries that raised tariffs first. B) success for firms that had a comparative advantage in manufactured goods rather than agricultural goods. C) reduced exports and volume of trade for everyone. D) increased incomes in the countries that pursued this policy.
An example of an intangible good is: a. an automobile. b. a new house
c. a snowplow. d. friendship.