Historical note: Most of the failures (per year) of thrift institutions, such as savings and loan associations, occurred in
a. the late 1950s
b. the early 1970s
c. 1945
d. 1980–1982
e. 1988–1991
E
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If growing income inequality results from changes in technology that, as a whole, make society better off, this will
A) increase the size of the economic pie. B) decrease the size of the economic pie because of the income inequality. C) not change the size of the economic pie because the positive technology changes will be offset by the increases in income inequality. D) result in complete income inequality as technology continues to change in the future.
In the table above, if the cost of capital is $20 per day and an hour of labor is $15 per day, which method is economically efficient?
A) A B) B C) C D) D
A monopolistically competitive firm that is profitable in the short run will face competition that will eventually eliminate the firm's profits in the long run. But the firm can stave off competition and continue to earn economic profits if
A) it can lobby the government to establish a price floor for its product. B) it can find new ways to differentiate its product. C) it can move to another country where there is less competition. D) it can successfully sue its competitors for copyright infringement.
The major labor market problem in the United States is ________ and in Western Europe the problem is ________.
A. increasing wage inequality; increasing wage inequality B. increasing wage inequality; high persistent unemployment C. high persistent unemployment; low average wages D. high persistent unemployment; increasing wage inequality