Compared to many other countries, the United States has:
a. fewer banks, with assets distributed more evenly
b. fewer commercial banks, with assets concentrated in a few large banks.
c. more banks, with assets concentrated in a few large banks.
d. more commercial banks, with deposits widely distributed among the banks.
e. more commercial banks, with deposits concentrated in a few large banks.
e
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Technological progress has made it possible for firms such as Apple and Alivecor to develop small electronic devices, including smartwatches, smartphones, and products that can be attached to the smartwatches and smartphones, to serve consumers who
have become more health conscious and wish to monitor various health conditions. These firms are reacting to which of the three key economic ideas? A) people are rational B) people respond to economic incentives C) firms attempt to maximize revenues D) optimal decisions are made at the margin
In assessing the difference between monopoly performance and that of perfect competition, the best approach is to
a. measure the output of the monopolist and the output of the perfectly competitive firm. b. measure the output of the monopolist and the output of the perfectly competitive industry. c. measure the output purchased by consumers from the monopolist and from the perfectly competitive firm. d. calculate the marginal cost of the monopolist and of the perfectly competitive firm.
Which of the following is NOT an example of a transfer payment?
A. Social Security benefits B. government salaries C. food stamps D. unemployment compensation
Robert only consumes X and Y, and his indifference curves have the usual convex shape. Consider the consumption bundles (3, 9), (6, 6), and (9, 3) (Hint: The consumption bundles completely exhaust Robert's income). If Robert is indifferent between (3, 9) and (9, 3), then:
A. he prefers (6, 6) over both (3, 9) and (9, 3). B. he prefers (6, 6) over (3, 9) but not over (9, 3). C. he prefers (3, 9) over (6, 6). D. he prefers (9, 3) over (6, 6).