Bill looked for work for six months but could not find a job to his liking. He now spends his time at the beach. For purposes of employment he is considered:
a. out of the labor force
b. unemployed.
c. employed in the underground economy.
d. underemployed.
a
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When there are barriers to entry, a profit-maximizing firm already in the industry can charge any price it wants, even in the long run
a. True b. False
Credit can be described as:
a. money used as a standard of deferred payment. b. savings made available to borrowers. c. fiduciary currency. d. a form of liquid asset. e. bank loans converted into commodity money.
Suppose a bank has $3 million in excess reserves and total reserves of $10 million. A required reserve ratio of 10% is applicable to all deposits at the bank. What is the total amount of deposits at the bank?
a. $70 million b. $40 million c. $10 million d. $30 million e. $100 million
One way of addressing the associated market failure that generates both private costs and external costs is for this activity to be
A) left alone. B) taxed. C) subsidized. D) banned.