Which organization functions as a lender of last resort for national governments?
A. the U.S. Treasury
B. the Federal Reserve Bank
C. the International Monetary Fund
D. the World Bank
Answer: C
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In regards to the uncommon length of the Great Depression, both Schumpeter and Higgs contend that:
a. private investment remained depressed in part due to the political climate created by the New Deal. b. Social Security and the freedoms granted to labor, along with a progressive tax structure promoted growth in private investment. c. the undistributed profits tax of 1936 encouraged businesses to undertake long-term investments. d. the New Deal rhetoric from President Roosevelt, offered a pro-business slant that offended labor groups.
If the number of firms in a monopolistically competitive industry increases and the degree of product differentiation diminishes:
A. the likelihood of realizing economic profits in the long run would be enhanced. B. individual firms would now be operating at outputs where their average total costs would be higher. C. the industry would more closely approximate pure competition. D. the likelihood of collusive pricing would increase.
As compared to a perfectly competitive firm, a monopolistically competitive firm will:
A. have more control over price. B. have less control over price. C. face more barriers to entry. D. face many more competitors.
Profit per unit is maximized when the firm produces the output where
A. The MC is minimized. B. The ATC is minimized. C. MC equals MR. D. Demand equals MC.