One way investment banks differ from commercial banks is that investment banks
A) do not take in deposits. B) lend exclusively to households.
C) only buy and sell mortgages. D) trade only in foreign exchange markets.
A
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If a person supplies fewer hours of labor in response to a wage increase, then
A) the substitution effect is greater than the income effect. B) the income effect is greater than the substitution effect. C) the income effect equals the substitution effect. D) the person is not maximizing utility.
The official statistics on working poverty do not distinguish paid workers from individuals who are self-employed
Indicate whether the statement is true or false
GDP excludes expenditures by:
A. businesses on pollution control equipment. B. business for travel and entertainment. C. consumers on used automobiles. D. government on military hardware.
Refer to the scenario above. In this case, how much should Tom pay for a used iPhone?
A) $80 B) $40 C) $60 D) $0