Stock markets in England were started in the late:
A. Seventeenth century.
B. Eighteenth century.
C. Sixteenth century.
D. Nineteenth century.
Answer: A
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A television station reports that the price of coffee has increased but the quantity traded in the market has decreased. This situation would be caused by a(n)
A. increase in supply. B. decrease in supply. C. increase in demand. D. decrease in demand.
Free ridership is associated with market failure, resulting in lower than efficient prices and higher than efficient quantities
Indicate whether the statement is true or false
In the long run, firms in a perfectly competitive market:
A. produce a quantity that maximizes profits. B. choose the level of output that minimizes average total costs. C. earn zero economic profit. D. All of these are true.
Which of the following statements is correct?
a. The poverty line is a relative standard. b. More families are pushed above the poverty line as economic growth pushes the entire income distribution upward. c. Increasing income inequality reduces poverty. d. Economic growth, by definition, affects all families equally.