Which U.S. government agencies handle antitrust matters?
a. the Department of Justice and Congress
b. the Federal Trade Commission and Congress
c. the Federal Trade Commission and the Securities and Exchange Commission
d. the Department of Justice and the Council of Economic Advisors
e. the Department of Justice and the Federal Trade Commission
E
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Which of the following is the largest asset on a consolidated balance sheet for a commercial bank?
a. Checkable deposits b. government bonds c. Cash assets, including reserves d. Loans e. Borrowing from the Federal Reserve
The difference between a firm's profit-maximizing quantity and the quantity that minimizes average cost is called:
a. economic profit. b. excess capacity. c. economic rent. d. excess supply.
Purchasing power parity:
A. allows us to compare the cost of living across different locations. B. is the theory that purchasing power in different countries should be the same when stated in local currencies. C. almost always holds in reality. D. All of these statements are true.
Which of the following statements best summarizes the law of diminishing marginal returns?
A) In the short run, as more labor is hired, output diminishes. B) In the short run, as more labor is hired, output increases at a diminishing rate. C) In the short run, the amount of labor a firm will hire diminishes as output increases. D) As more labor is hired, the length of time that defines the short run diminishes.