The number of banks in the U.S. today is approximately:
A. 5,400.
B. 800.
C. 15,300.
D. 200.
Answer: A
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A profit maximizing firm will hire additional workers until
A) the additional cost associated with hiring the last worker equals the average wage rate of the workers. B) the additional cost associated with hiring the last worker equals the additional revenue generated by that worker. C) the extra revenue generated by the last worker hired equals zero. D) the extra cost associated with hiring the last worker equals the price of the good produced.
An event that directly affects firms' costs of production and thus the prices they charge is called
a. a Phillips contraction. b. an inflationary spiral. c. a demand shock. d. a supply shock.
The price paid for the use of borrowed money:
a. Ponzi payment b. deed bond c. interest d. millage note
The short-run response of quantity demanded to a change in price is usually:
A. greater than the long-run response. B. the same as the long-run response. C. less than the long-run response. D. None of the statements is correct.