The first law of banking is ______________________.
Fill in the blank(s) with the appropriate word(s).
never lend money to anyone who needs it
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Suppose you have surveyed a few industries and obtained information about the income elasticity of demand for their products
If you expect that the economy is headed for a long recession, you would advise people to look for jobs in an industry with A) a "low" negative income elasticity coefficient such as -0.2. B) a high positive income elasticity coefficient such as 5. C) a low positive income elasticity coefficient such as 0.8. D) a "high" negative income elasticity coefficient such as -4.
Although not the only ones, oligopolists produce goods that
a. have zero cross elasticities b. are unique c. are not differentiated d. have infinite cross elasticities e. have close substitutes
The substitution effect of a Giffin good is:
A. negative. B. positive. C. positive or negative. D. zero.
A good salesperson can sell $1,000,000 worth of goods, while a poor one can sell only $100,000 worth of goods. Job applicants know if they are good or bad, but the firm does not. A firm will offer job applicants a choice between a fixed salary and a 20% commission. Assuming risk-neutral salespersons and no opportunistic behavior, what level must the fixed salary be so that the firm can determine
a prospective good salesperson from a poor one? A) between $0 and $20,000 B) between $20,000 and $200,000 C) greater than $200,000 D) zero