Privately-owned firms that accept deposits from individuals and businesses and use those deposits to make loans are called:
A. mortgage banks.
B. brokerage firms.
C. investment banks.
D. commercial banks.
Answer: D
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If Australia has relatively more land per worker, and Belgium has relatively more capital per worker, then if trade began between these two countries
A) the relative price of the land-intensive product would increase in Australia. B) the relative price of the capital-intensive product would increase in Australia. C) the relative price of the land-intensive product would increase in Belgium. D) the relative price of the capital-intensive product would decrease in Belgium. E) relative product prices would diverge between Australia and Belgium.
The rank condition for identification of a structural equation states that the first equation in a two-equation simultaneous equations model is identified if, and only if:
A. the first equation contains at least one exogenous variable (with a nonzero coefficient) that is excluded from the second equation. B. the first equation contains at least two exogenous variables (with a nonzero coefficient) that are excluded from the second equation. C. the second equation contains at least one exogenous variable (with a nonzero coefficient) that is excluded from the first equation. D. the second equation contains at least two exogenous variables (with a nonzero coefficient) that are excluded from the first equation.
How do economists sometimes measure physical capital in a country?
(A) The amount of roads and bridges per capita. (B) The number of computers that are available to businesses. (C) The amount of savings that the citizens have in the bank. (D) The number of telephones it has in relation to its population.
Suppose that at 500 units of output marginal revenue is equal to marginal cost. The firm is selling its output at $5 per unit and average total cost at 500 units of output is $6. On the basis of this information, we:
A. can say that the firm should close down in the short run. B. can say that the firm can produce and realize an economic profit in the short run. C. cannot determine whether the firm should produce or shut down in the short run. D. can assume the firm is not using the most efficient technology.