The workers in Adam Smith’s famous pin factory, who were proficient in pin production, faced the problem of
A. too many different tasks.
B. becoming bored with their jobs.
C. needing to exchange pins for other goods and services.
D. not having too few pins to purchase other goods and services.
Answer: C
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When checks are exchanged between banks, the Fed oversees the banks to ensure the appropriate funds have been transferred. This is known as
A) check kiting. B) check floating. C) check balancing. D) check clearing.
Whatever a society uses as money, the distinguishing characteristic is that it must
A) be completely inflation proof. B) be generally acceptable as payment for goods and services or in the repayment of debt. C) contain gold. D) be produced by the government.
Bank ________ is/are listed on the liability side of the bank's balance sheet
A) reserves B) capital C) securities D) cash items
Which of the following involves either the buyer or the seller of a product having more information about the quality or price of the product than the other party?
a. Asymmetric information b. Imperfect information c. Risk assessment d. Adverse selection