The United States has a dual banking system consisting of state banks and national banks
a. True
b. False
Indicate whether the statement is true or false
True
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Economic models like the _____________________ are not physical models, but instead are diagrams or graphs or even mathematical equations that represent economic patterns or theories.
A. financial capital market B. circular flow diagram C. financial investment market D. Specialization Model
Public goods are unlikely to be provided by the private sector because
A. the exclusion principle does not apply to public goods. B. the production of the good creates negative externalities. C. no one can be excluded from the consumption of the good. D. the consumption of the good creates negative externalities.
If price is initially above the equilibrium level,
A) the supply curve will shift rightward. B) the supply curve will shift leftward. C) excess supply exists. D) all firms can sell as much as they want.
When a perfectly competitive, well-functioning market is in equilibrium:
A. producer surplus is minimized. B. total surplus is zero. C. total surplus is maximized. D. consumer surplus is minimized.