"Thrifts" refer to the following institutions, except:
A. Commercial banks
B. Credit unions
C. Mutual savings banks
D. Savings and loan associations
A. Commercial banks
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Producers' surplus is the difference between the price
A) sellers receive for a good and the maximum price they would have paid for the good. B) sellers receive for a good and the minimum price for which they could have sold the good. C) buyers pay for a good and the maximum price they would have paid for the good. D) buyers pay for a good and the minimum price for which they would have sold the good.
When government inefficiencies exist and government officials can be bribed, then
A. property rights will be more secure since an official has been bribed to grant ownership to the business. B. a bribe will increase the cost of investing in capital. C. the country will have positive economic growth. D. dead capital will not exist.
Which one of the following statements about growth theories is CORRECT?
A) In the new growth theory, knowledge is not subject to diminishing returns. B) In neoclassical growth theory, technological progress is the result of rapid increases in saving and investment in capital per person. C) In classical growth theory, real GDP per person is unrelated to the subsistence real GDP. D) In classical growth theory physical resources are unlimited.
In the long run, firms in a perfectly competitive market:
A. produce a quantity that maximizes profits. B. earn zero economic profit. C. choose the level of output that minimizes average total costs. D. All of these are true.