The distinguishing of products by brand name, color, and other attributes
A) is known as interdependence.
B) is known as product differentiation.
C) leads to many firms in the market.
D) leads to collusion.
B
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The distinguishing feature of a well-functioning financial market is the
A) continual increase in the liquidity of most assets. B) continual reduction in the riskiness of most assets. C) increased ease of converting common stocks into bonds. D) incorporation of available information into asset prices.
Suppose the reserve requirement is 10 percent and a person deposits $1,500 in a local bank. The local bank can now create a maximum of:
a. $150 in additional money, by lending $150. b. $15,000 in additional money, by lending $15,000. c. $1,500 in additional money, by lending $1,500. d. $1,350 in additional money, by lending $1,350. e. $135 in additional money, by lending $135.
Suppose the government taxes 30 percent of the first $70,000 and 50 percent of all income above $70,000 . For a person earning $200,000 . the marginal tax rate is
a. 30 percent, and the average tax rate is 50 percent. b. 30 percent, and the average tax rate is 43 percent. c. 50 percent, and the average tax rate is 40 percent. d. 50 percent, and the average tax rate is 43 percent.
If the quantity of bread demanded rises 2 percent when the price of bread declines 10 percent, then the price elasticity of demand is:
a. 10 b. Cannot be determined. c. 2 d. 0.2 e. 1