Although the National Bank Act of 1863 was designed to eliminate state-chartered banks by imposing a prohibitive tax on banknotes, state banks were able to stay in business by
A) issuing credit cards.
B) ignoring the regulations.
C) acquiring funds through deposits.
D) branching into other states.
C
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Suppose milk and cereal are compliments and the demand for milk is Qdm = 40 - 6Pm - 2Pc, where Qdm stands for millions of gallons of milk demanded, Pm stands for the price of milk and Pc stands for the price of cereal. The supply of milk is Qsm = 6Pm - 8, where Qsm stands for millions of gallons of milk supplied. The demand and supply of cereal are Qdc = 90 - 5Pc - Pm and Qsc = 5Pc - 10, respectively, where Qdc stands for millions of boxes of cereal demanded and Qsc stands for millions of boxes of cereal supplied. Which of the following gives the market-clearing curve for milk?
A. Pm = 4 - (Pc/6) B. Pm = (32/12) - (Pc/6) C. Pm = (32 - 2Pc)/12 D. Pm = (32/12) + (Pc/6)
Predictions that natural resources such as oil will be essentially used up in the next few decades
a. have been frequently made for the past century but have always proven to be false. b. have usually been based on the quantity of proved reserves. c. have ignored the role of price in governing the quantities demanded and supplied. d. All of the above are correct.
If a monopolist wishes to increase its output and quantity sold
A. it must reduce its price, so its marginal revenue is greater than its price. B. it must raise its price, so its marginal revenue is less than its price. C. it must raise its price, so its marginal revenue is greater than its price. D. it must reduce its price, so its marginal revenue is less than its price.
Refer to the below information and table. How much of the farmland will be rented?
Suppose that the quantity of a certain type of farmland available is 400,000 acres, and the demand for this land is given in the table below.
A. 200,000 acres
B. 300,000 acres
C. 400,000 acres
D. 500,000 acres