Today, financial intermediaries specialize in all of the following activities except
(a) Printing money
(b) Lending
(c) Borrowing
(d) Accepting deposits
(a)
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Refer to the scenario above. If the players have to pay a fairness penalty of $6, ________
A) the game will not have a Nash equilibrium B) the game will have multiple Nash equilibria C) the game will have multiple dominant strategy equilibria D) the game will have a unique Nash equilibrium
Refer to the information below. If the firms' managers form a price -fixing cartel that maximizes the firms' total profit, what is the total quantity produced by all firms?
A small nation has three gasoline suppliers with a linear monthly market demand equal to: Q = 500,000 - 5P. Each firm's marginal cost (MC) and average total cost (ATC) curves are horizontal at $10,000 per month. A) 450,000 B) 22,000 C) 225,000 D) 45,000
In the Theory of Price, George Stigler points out that a monopolist is no less desirous of profits than a competitive firm. According to Stigler, what distinguishes the monopolist from other entrepreneurs?
a. strategy b. morality c. objective d. market position e. motivation
When increased demand raises the price of the product, the
A) marginal revenue product will also increase. B) marginal revenue product will fall. C) marginal revenue product will remain unchanged. D) sales will fall.