Less than 10 percent of the nation's bank deposits are held within the Federal Reserve System
Indicate whether the statement is true or false
F
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Total profit
A. is the difference between sales revenue and costs. B. maximization is always the goal of every firm. C. is always defined the same by both economists and accountants. D. is maximized when sales are maximized.
Excess demand occurs:
A. when price is above the equilibrium price. B. when price is below the equilibrium price. C. whenever the market is not in equilibrium. D. whenever the market is in equilibrium.
New growth theory supports the idea thatI.economic growth can continue as long as we keep finding new ideas.II.increases in human capital can lead to greater rates of economic growth.
A. I only B. II only C. Both I and II D. Neither I nor II
Which of the following is NOT true about a cartel?
A. Members experience large economies to scale relative to industry demand. B. Members of a cartel will have production quotas. C. Members earn economic profits. D. Cartels will set common prices for their members.