The Federal Home Loan Bank Board and the FSLIC, both of which failed in their regulatory tasks, were abolished by the
A) Competitive Equality Banking Act of 1987.
B) Financial Institutions Reform, Recovery and Enforcement Act of 1989.
C) Office of Thrift Supervision.
D) Office of the Comptroller of the Currency.
B
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According to Okun's Law, when the natural employment rate is 6 percent and potential GDP is $10 trillion, then when actual employment is 5 percent, real GDP is
A) $10.1 trillion. B) $9.9 trillion. C) $9.8 trillion. D) $10.2 trillion. E) $8 trillion.
Estimating the value of an injured or deceased person's life by calculating what he or she would have earned over the remainder of his or her life is called the
A) compensating differential approach. B) death-and-taxes approach. C) lost-income approach. D) earnings-bracket approach.
The industry that produces zangs is in long-run equilibrium. Then the demand for zangs increases permanently. As a result, firms in the industry will ________. Some firms will ________ the industry, and the industry supply curve will shift ________
A) make economic an profit; enter; rightward B) make zero economic profit; exit; leftward C) incur economic losses; exit; rightward D) incur economic losses; exit; leftward
In the long run, equilibrium positions that arise in both monopolistically competitive and perfectly competitive markets are
A) MR = MC and P = MC. B) P = ATC and P = MC. C) MR = MC and P = ATC. D) MR = MC = P.