As a result of the financial crisis of 2007-2009, the size of the shadow banking system:
A) became smaller than the commercial banking system
B) became larger than the commercial banking system
C) declined, but remained larger than the commercial banking system
D) increased, but remained smaller than the commercial banking system
C
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Changes in aggregate spending not caused by changes in output or the inflation rate, also known as exogenous changes in spending, will shift the:
A. short-run aggregate supply curve. B. potential output line. C. aggregate demand curve. D. long-run aggregate supply curve.
A patent is a government protection that gives
A) monopolies the right to be sole producers due to economies of scale. B) consumers the right to sue when products are unsafe. C) companies the right to produce any good they choose. D) inventors exclusive rights to their product for a time.
Refer to the accompanying figure. The total utility of consuming two pizzas a week is:
A. 25 B. 75 C. 30 D. 55
Which of the following features does a customs union have?
A. Free trade among those members with similar economic policies B. Free movement of factors of production C. Harmonization of all economic policies D. Common set of external tariffs