Which of the following is an example of a participant in the financial sector?
A) commercial banks
B) investment banks
C) hedge funds
D) brokerage firms
E) all of the above
E
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The present value of $525 received one year from today, assuming an annual rate of return of 5 percent is
a. $551.25 b. $525 c. $500 d. none of the above
Three firms agree to operate as a monopoly and charge the monopoly price of $80 for their product and (jointly) produce the monopoly quantity of 5,000 units. If the competitive price for the product is $40, under the Clayton Act these three firms face treble damages of ________.
A) $3,000,000 B) $1,000,000 C) $200,000 D) $600,000
In an increasing-cost industry, expansion of output
A) causes input prices to rise as demand for them grows. B) leaves input prices constant as input demand grows. C) causes economies of scale to occur. D) occurs under conditions of increasing returns to scale. E) occurs without diminishing marginal product.
The Rand Corporation estimates that external costs imposed by alcohol consumption (e.g., deaths caused by drunk drivers) to be 48 cents per ounce consumed. If taxes on alcohol are 23 cents per ounce consumed, then
A. marginal social benefit is greater than marginal social cost. B. the alcohol taxes are increasing economic inefficiency and dead-weight loss. C. alcohol consumption is greater than socially optimal. D. marginal external costs plus marginal private costs are less than price.