The Federal Reserves responses to the financial crisis that began in 2007 include:
a. cautious cuts in the Federal funds rate.
b. large expansions of credit.
c. underwriting lending in many markets.
d. All of the above are correct.
e. Only b and c are correct.
e. Only b and c are correct.
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Suppose that a product benefits from a successful advertising campaign. The result is that
A) the supply of the product decreases. B) the supply of the product increases. C) the demand for the product increases. D) the demand for the product decreases.
The introduction in 1968 of the "Big Mac" was a hit product for McDonald's. This example shows that in the market for such fast-food products:
A. normal profits are greater than economic profits. B. the dollar votes of consumers determined which products succeed. C. the medium of exchange is more important than the message. D. consumer sovereignty is less important than specialization.
In the United States, why are cartels among firms usually kept secret?
What will be an ideal response?
Which of the following would be most likely to happen if salaries for physicians were dramatically reduced?
a. Patients would receive better care. b. Insurance companies would merge. c. More colleges would offer medical studies. d. Fewer people would go to medical school.