Within the U.S. population, teenagers (ages 16-19) have similar rates of labor-force participation than adults of prime working age (ages 25-54), regardless of race or gender
a. True
b. False
Indicate whether the statement is true or false
False
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For baseball card collectors, Babe Ruth baseball cards from 1927 would most likely have a perfectly
A) inelastic demand. B) inelastic supply. C) elastic demand. D) elastic supply.
Even though it often does not result in profit maximization, some small firms use a cost-plus pricing strategy anyway because
A) they sell several products, each of which sells for a different price. The time and expense involved in finding the profit-maximizing price for each product are not worth the effort. B) they do not understand what marginal revenue and marginal cost mean. C) it is easy to use. D) it is expensive to hire an economist who can determine what the profit-maximizing price is.
Assume that the reserve requirement is 20 percent. First National Bank has vault cash and deposits with the Fed of $80 million, loans and securities of $320 million, and demand deposits of $400 million. First National:
a. could extend a maximum of $40 million of additional loans. b. could extend a maximum of $20 million of additional loans. c. could extend a maximum of $10 million of additional loans. d. is not in a position to extend additional loans.
If firms make agreements that reduce the amount of competition in a market,
a. the market price usually falls b. they would face penalties under antitrust legislation c. mergers will result d. there must be diseconomies of scale in the industry e. they would face penalties under contract law