The two kinds of banks are ________ banks and ____________ banks.
A. commercial; investment
B. brokerage; investment
C. private; commercial
D. federal reserve; private
A. commercial; investment
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National income includes wages and salaries, interest and rent, but not corporate profits
a. True b. False Indicate whether the statement is true or false
The difference between a price decrease and an increase in income is that
A. An increase in income does not affect the slope of the budget line, while a decrease in price does change the slope. B. A price decrease leaves real income unchanged, while an increase in income increases real income. C. A price decrease does not affect the consumption of other goods, while an increase in income does. D. A price decrease decreases real income, while an increase in income increases real income.
A monopolistically competitive firm that is incurring a loss will shut down if
A. price is less than marginal cost. B. price is less than average total cost. C. revenues are less than variable costs. D. marginal revenue is less than marginal cost.
When competing power blocs exist within an oligopolistic industry,
a. concentration ratios are low b. the laissez-faire approach can be justified c. prices are higher than under monopoly d. nationalization is necessary e. contestable markets exist by definition