Which of the following antebellum institutions acted most like a central bank?
a. The First Bank of the United States
b. The Second Bank of the United States
c. Banks created by the National Bank Act
d. The U.S. Treasury
b. The Second Bank of the United States
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Which of the following countries does NOT use the euro?
A) Estonia B) Belgium C) Finland D) United Kingdom
Figure 4-14
depicts the milk market. The horizontal line, P, represents a price ceiling imposed by the government. Which of the following is true?
a.
In equilibrium, the quantity demanded is 800 gallons.
b.
At the ceiling price, there is a surplus.
c.
The quantity demanded at the price ceiling will equal the quantity supplied.
d.
The equilibrium price would be $1 per unit without the price ceiling.
e.
The quantity sold will be 500 gallons.
The Herfindahl index is calculated by:
A. adding the percentage of industry output produced by the largest four firms. B. multiplying the squared value of the market shares of all the firms in the industry. C. adding the percentage of industry output produced by the largest eight firms. D. adding the squared value of the market shares of all the firms in the industry.
If the first copy cost of a music video is $223,000 and the marginal cost is $0, how much total cost would the firm incur if it produces 1 million copies?
A. zero B. $223,000 C. $1 million D. $1 million + $223,000