On a bank's balance sheet, liabilities are
A) the uses of acquired assets.
B) the sources of acquired funds.
C) all those items of value owned by the bank.
D) by definition equal to the bank's assets.
B
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When taxes alter individual behavior as people attempt to avoid the tax, efficiency
a. losses are probable. b. gains are possible. c. gains are impossible. d. losses are impossible.
In the circular-flow diagram, another name for goods and services produced by firms is
a. factors of production. b. output. c. inputs. d. resources.
When a single firm can supply a product to an entire market at a lower cost than could two or more firms, the industry is called a
a. resource industry. b. exclusive industry. c. government monopoly. d. natural monopoly.
Suppose that more people want Orange Bowl tickets than the number of tickets available. Which of the following statements is correct?
A. If the box office price were raised, the excess demand for Orange Bowl tickets would decrease. B. The box office price is higher than the equilibrium price for Orange Bowl tickets. C. There is a shortage of Orange Bowl tickets at the box office price. D. both a and c E. all of the above