In the financial crisis in 2008, the Federal government created the ________, to purchase financial assets that were thought to be temporarily undervalued, preventing further financial panic.
A. Troubled Asset Relief Program
B. Federal Home Loan Board
C. Federal Deposit Insurance Corporation
D. Bank Insurance Fund
Answer: A
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A determinant of the price elasticity of demand is
A) whether the good is a durable or a nondurable. B) the availability of resources used in the production of the product. C) how well consumers like the good. D) the proportion of the consumer's total budget spent on the good.
If the supply of a good is perfectly inelastic, the price elasticity of supply will equal
A) positive infinity. B) one. C) zero. D) none of the above.
Under socialism, which of the following industries would probably be owned by the government?
a. Steel. b. Electricity. c. Agriculture. d. All of these.
Refer to the accompanying figure, which shows the annual domestic supply and annual domestic demand for jeans in a small country.
Suppose this country initially does not trade with the rest of the world. If the world price of a pair of jeans is $40, and this country opens itself to trade, then the annual domestic production of jeans will:
A. increase from 20,000 to 28,000. B. fall from 20,000 to 4,000. C. fall from 28,000 to 4,000. D. increase from 4,000 to 28,000.