A run on a bank occurs when everyone is trying to withdraw their funds simultaneously
a. True
b. False
A
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Which of the following characteristics is least unique to a market system?
A. the widespread use of money B. freedom of enterprise and choice C. private ownership of property resources D. competition among buyers and sellers pursuing monetary returns
A budget constraint:
A. shows different bundles of goods that all yield the same total utility. B. shows different bundles of goods that all cost the same amount. C. shows different bundles of goods that all maximize an individual's utility. D. shows how much income is needed to maximize total utility.
Which type of curve results when oligopoly firms agree to match each other’s price cuts, but not to match price increases?
a. Market dilemma curve b. Average cost curve c. Bent supply curve d. Kinked demand curve
For some racquet sports, there have been increases in the size of the racquets; also, the methods and materials used for making racquets have improved. To which problem in the construction of the CPI is this situation most relevant?
a. substitution bias b. introduction of new goods c. unmeasured quality change d. income bias