In 2008, Morgan Stanley and Goldman Sachs decided to ______.
a. declare bankruptcy
b. sell out to other banks
c. become commercial banks
d. become investment banks
c. become commercial banks
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Assume that a house is rented by four students. When it comes to keeping the house clean, each of the four roommates has an incentive to leave cleaning to the others. As a result, the house is never clean
Which of the following is the best solution to this problem of free riding? A) Assign one roommate the responsibility to keep a watch over the other students B) Require every roommate to contribute to a cleaning service C) Ask every roommate to clean the house if they dirty it D) Require each roommate to pay more toward the house rent and groceries
In the modern Keynesian model, velocity
a. varies positively with the level of the interest rate but not with income. b. varies positively with the level of the interest rate and with income. c. is constant. d. varies in the short run but is constant in the long run. e. none of the above
A curve showing alternative combinations of goods that can be produced when available resources are used efficiently is known as the _____
a. circular-flow model. b. IS-LM model. c. production function. d. productivity possibilities frontier. e. production possibilities frontier.
The tendency of suppliers to offer more of a good at a higher price:
a. subsidy b. supply schedule c. law of supply d. elasticity of supply e. excise tax