Since the 1980s, banks and thrifts have lost their share of the financial services industry and control over financial assets.
Answer the following statement true (T) or false (F)
True
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The velocity of money is the:
a. number of times per year each dollar is used to transact an exchange. b. rapidity of price increases during inflation. c. number of times the price level increases during a year. d. time it takes for checks to clear banks. e. number of times per year each product is purchased during the year.
In Adam Smith's competitive market economy, the question of what goods to produce is determined by the:
a. "invisible hand" of the price system. b. "invisible hand" of government. c. "invisible hand" of public interest. d. "visible hand" of laws and regulations.
When the demand curve is linear, price elasticity of demand:
a. remains constant along the curve. b. is negative in the lower half of the curve. c. decreases as one moves down along the curve. d. is less than one in the upper half of the demand curve.
Which of the following pairs of equations describes the supply and demand curves given in the accompanying demand and supply tables?PriceQuantity SuppliedQuantity Demanded$003$102$211$320$430$540
A. Qs = P ? 1; Qd = 3 ? P, respectively B. Qs = 1; Qd = 1 ? 3P, respectively C. Qs = P; Qd = 3 ? 3P, respectively D. Qs = P + 1; Qd = 3 ? P, respectively