Which of the following is considered a depository institution?
I. the U.S. Treasury
II. a commercial bank like Citibank
III. a credit union for federal government employees
A) I only
B) I and II
C) II and III
D) I, II and III
C
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Use the figure below to answer the following question.
By how much does Producer Surplus decrease after the tax is imposed?
A. $114 B. $162 C. $38 D. $62
Producers of computer software are plagued with the problem of "pirating", that is, many people copy software legally purchased by others. The industry estimates that for each legal copy of a program, there are two pirated copies in use. The industry wants strict laws for the enforcement of its "intellectual property rights," but enforcement is obviously very difficult. Economists call this
problem a. depletability. b. externality. c. durability. d. nonexcludability.
A barter economy is one in which:
A. money serves as a medium of exchange. B. only precious metals are accepted as money. C. goods are traded directly for other goods. D. paper money is backed by gold.
As demand for phone apps increases, other things being equal, we can expect
A) a decrease in both the relative price and quantity of phone apps. B) a decrease in the supply of phone apps. C) more phone apps to be produced. D) an excess number of phone apps in the market.