List four examples of oligopolies in the United States.
What will be an ideal response?
1) Soft drink industry. 2) Automobile industry. 3) Tobacco industry. 4) Long-distance telephone service industry.
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Suppose Marquette Bank and Trust has $10 million in total deposits and the required reserve ratio is 7%. How many dollars can the bank use to seek profit opportunities?
A) $9.3 million B) $7 million C) $930,000 D) $700,000 E) 0. Banks cannot seek profits.
A tax on individuals’ earnings is called the:
A. payroll tax. B. personal income tax. C. corporate income tax. D. excise tax.
Which of the following is true of illegal immigrants?
a. They help improve the quality of goods and services produced in the United States. b. They help increase the wage rate in the U.S. c. They do not affect the equilibrium wage of the U.S. unskilled labor market. d. They help some firms lower operating costs, earn more profit, and produce more. e. They reduce the supply of unskilled labor in the United States.
Which of the following is true of exchange?
a. The value of a good is determined by the cost of the resources required to produce the good. b. Exchange makes it possible for trading partners to produce more goods through division of labor and adoption of mass production methods. c. Nothing new is created by exchange; if one party to an exchange gains, the other must lose an equal amount. d. Both a and b are true.