Liabilities of the commercial banking system include:
A. reserves and loans.
B. loans and deposits.
C. deposits.
D. reserves and deposits.
Answer: C
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Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. CalculatorsPer HourComputersPer HourSmith10010Jones1206Suppose Smith and Jones begin by producing 16 computers and 0 calculators per hour. If they wish to produce 14 computers and 40 calculators per hour efficiently, then Smith should spend ________, and Jones should spend ________.
A. 30 minutes on each; 30 minutes on each B. 1 hour on computers; 40 minutes on computers and 20 minutes on calculators C. 1 hour on computers; 20 minutes on computers and 40 minutes on calculators D. 45 minutes on computers and 15 on calculators; 1 hour on calculators
The labor force equals the number of people
A) in the working-age population. B) employed. C) unemployed. D) employed plus unemployed.
__________________ is the crucial characteristic of monopolistic competition.
A. Product differentiation B. Price discrimination C. Economies of scale D. Identical products
A perfectly competitive market is in long-run equilibrium. At present there are 100 identical firms each producing 5,000 units of output. The prevailing market price is $20. Assume that each firm faces increasing marginal cost
Now suppose there is a sudden increase in demand for the industry's product which causes the price of the good to rise to $24. Which of the following describes the effect of this increase in demand on a typical firm in the industry? A) In the short run, the typical firm increases its output and makes an above normal profit. B) In the short run, the typical firm increases its output but its total cost also rises, resulting in no change in profit. C) In the short run, the typical firm's output remains the same but because of the higher price, its profit increases. D) In the short run, the typical firm increases its output but its total cost also rises. Hence, the effect on the firm's profit cannot be determined without more information.