Because Picasso's painting Guernica is one-of-a-kind, its price is
A. inelastic.
B. independently determined.
C. supply determined.
D. demand determined.
Answer: D
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A Federal Reserve publication proclaimed that "Trade is a win-win situation for all countries that participate." This statement is
A) false since it ignores the workers who lose their jobs as result of international trade. B) true because all consumers and workers benefit from international trade. C) false since not all countries participate in international trade. D) true because it refers to countries; individuals may be losers as a result of international trade.
Assume a bank has $200 million of assets with a duration of 2.5, and $190 million of liabilities with a duration of 1.05. The duration gap for this bank is
A) 0.5 year. B) 1 year. C) 1.5 years. D) 2 years.
Looking at the record of concentration in the United States during the last century, one finds concentration has
a. steadily increased. b. risen dramatically in the past 15 years. c. changed very little. d. fallen steadily except in wartime.
To sell an extra unit of output, a perfectly competitive firm ________, and an imperfectly competitive firm ________.
A. must hope the market price falls; must lower its price B. must lower its price; must lower its price C. need not alter its price; must lower its price D. need not alter its price; need not alter its price