The major protection against sudden mass attempt to withdraw cash from banks is the:
A. Federal Reserve.
B. Consumer Protection Act.
C. deposit insurance provided by the FDIC.
D. gold and silver backing the dollar.
Answer: C
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Suppose that a nation has a GDP of 1.0 trillion dollars in 2000. If a country grows at an average rate of 3.0 % per year over a fifteen year period, then its compounded GDP at the end of the 15 year period should be:
A. 1.47 Tr. B. 2.00 Tr. C. 1.33 Tr. D. 1.56 Tr.
Rent-seeking activity by firms
a. often wastes economic resources. b. increases economic efficiency. c. continues even when an industry is in long-run competitive equilibrium. d. increases the total amount of economic rent available.
Economists speaking like policy advisers make
a. claims about how the world is. b. descriptive statements. c. normative statements. d. More than one of the above is correct.
If the quantity of pretzels demanded decreases by 8% when the price of beer increases by 6%, the cross-price elasticity of demand between pretzels and beer is
A. -14. B. -1.33. C. -0.75. D. 2.