Which of the following financial intermediaries is NOT a depository institution?
A) a savings and loan association
B) a commercial bank
C) a credit union
D) a finance company
D
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To maximize cartel profit, the members must allocate output so that the marginal cost for the final unit produced by each firm is
a. identical b. unequal c. negative d. equal to the firm's average total cost e. maximized
Substitution bias
a. is one factor that causes the Consumer Price Index to underestimate the inflation rate b. is caused by the poor quality of many products c. is one of the primary causes of inflation d. involves consumer behavior that helps explain why the Consumer Price Index overestimates the inflation rate e. suggests most economists substitute other price indices for the flawed Consumer Price Index
When a perfectly competitive industry is in long-run equilibrium, firms maximize profits, and entry forces the price down
a. until all loss making firms leave the industry. b. until each firm can earn acceptable level of economic profit. c. until price becomes tangent to the long run average cost curve. d. until the long average cost curve rises above the demand curve.
When interest rates increase, the substitution effect suggests that individuals will
A. consume less today. B. save less today. C. save more and consume more today. D. consume less in the future.