In the late 2000s, which of the following was the primary source of external financing for small to medium-size firms?
A) mortgages
B) bank loans other than mortgages
C) trade credit
D) other loans
A
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The best explanation for the rapid rise in skilled wages relative to unskilled wages in antebellum U.S. is:
a. The demand for unskilled labor fell while the demand for skilled labor increased. b. The supply for unskilled labor increased and the supply for skilled labor remained the same. c. While both the supply and demand for skilled and unskilled labor grew during the period, the supply of unskilled labor grew relative to the supply of skilled labor. d. The supply and demand for skilled labor increased while both decreased for unskilled labor.
Which of the following statements describes a shortage?
a. At a lower price, the quantity demanded is below the quantity supplied. b. At the existing price, the quantity demanded is below the quantity supplied. c. At a higher price, the quantity demanded exceeds the quantity supplied. d. At the existing price, the quantity demanded exceeds the quantity supplied.
The Italian government collects a smaller amount of the taxes it is owed than the U.S. government. Other things being equal,
a. U.S. and Italian GDP should be equal. b. U.S. GDP should be higher than Italian GDP. c. U.S. GDP should be lower than Italian GDP. d. U.S. residents are better off than Italian residents.
According to Paul Romer, if a country offsets diminishing returns through technological innovation, it can ______.
a. shrink its per-worker production function b. eliminate the need for physical capital investments c. convince citizens to save much of their incomes d. enjoy unimpeded economic growth