A bank's net worth is:
a. equal to assets plus liabilities
b. sometimes called the owners' equity.
c. equal to assets minus reserves.
d. the same thing as net profits.
e. the amount of interest charged by the bank for short-term loans.
Answer: b. sometimes called the owners' equity.
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The demand for a good is elastic if the price elasticity of demand is:
A. equal to one. B. equal to zero. C. less than one. D. greater than one.
What is perfect price discrimination and why do economists believe that no firm is able to practice perfect price discrimination?
What will be an ideal response?
A price ceiling imposed on a good that is below the equilibrium price will result in a shortage of that good
a. True b. False Indicate whether the statement is true or false
The second phase of the industrial revolution first took place in ______ (a country) in the _______ (decade).
Fill in the blank(s) with the appropriate word(s).