An oligopoly can be characterized by production of either identical goods or differentiated goods.
Answer the following statement true (T) or false (F)
True
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Commercial banks are able to create money by
A) printing Federal Reserve Notes. B) making loans. C) making customers pay back their loans. D) exchanging their reserves at the Fed for currency.
Carrie Bradshaw claims that when it comes to buying shoes, "price is no object." If this is true, then her demand for shoes is
A) horizontal. B) unit elastic. C) perfectly inelastic. D) perfectly elastic.
Which of the following did NOT significantly exacerbate the banking crisis of the early 1930s?
A) the Fed's decision not to make loans to insolvent banks B) the large number of small, poorly diversified banks C) the large number of rural banks that held agricultural loans during a time of falling commodity prices D) the large amount of fraud carried out by bank managers
Which of the following is the best example of how the question of "what goods and services to produce?" is answered by the command process?
A) government subsidies for windmill energy production B) laws regarding equal opportunity in employment C) government allowance for the deduction of interest payments on private mortgages D) government regulations concerning the dumping of hazardous waste