In the early years of the Great Depression, 1929-1933:
A. two-thirds of U.S. banks failed.
B. more than a third of all U.S. banks failed.
C. a little less than one-quarter of U.S. banks failed.
D. over one half of all U.S. banks failed.
Answer: B
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Geographic areas in which pollution is greater than what is allowed by national ambient air quality standards are referred to as
a. mobile source areas b. prevention of significant deterioration (PSD) areas c. nonattainment areas d. air quality control regions (AQCRs)
Once a cartel determines the profit-maximizing price
A) each firm faces the temptation to cheat by raising its price. B) each firm faces the temptation to cheat by lowering its price. C) changes in the output of any member firm will not affect the market price. D) entry into the industry by rival firms will not affect the profit of the cartel.
One reason that the aggregate demand curve slopes downward is because
A. higher price levels increase real wealth and consumption. B. higher price levels increase investment. C. higher price levels reduce net exports. D. higher price levels reduce interest rates.
The cross-price elasticity of demand between product X and product Y is 2. It can be inferred that X and Y are
A. complements. B. substitutes. C. unrelated. D. normal.