Bank capital is equal to ________ minus ________
A) total assets; total liabilities
B) total liabilities; total assets
C) total assets; total reserves
D) total liabilities; total borrowings
A
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The Federal Trade Commission is an agency charged with
A) regulating interstate commerce. B) enforcing product safety laws. C) regulating international commerce. D) enforcing antitrust laws.
Flexible exchange rates occur when
A) speculators bet that a currency will soon depreciate. B) governments and central banks spend foreign exchange to prop an exchange rate at a certain level. C) no one knows the true value of a currency. D) exchange rates are determined by forces of supply and demand.
If the demand for gasoline becomes more elastic over time,
a. the demand curve will shift out. b. the demand curve will become flatter. c. other things being equal, the equilibrium price of gasoline must fall. d. other things being equal, the equilibrium quantity of gasoline must fall.
When a monopolistically competitive firm is in long-run equilibrium,
a. price is equal to average total cost. b. price is equal to marginal cost. c. price is equal to marginal revenue. d. the firm operates at its efficient scale.