Money is
a. valuable because it is backed by gold.
b. whatever is generally accepted in exchange for goods and services.
c. anything that is a liability of a commercial bank
d. an object to be consumed.
B
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Conflict resolution of the stockholder-lender conflict in smaller market-oriented firms is most effectively accomplished by
A) financial intermediation (monitoring). B) financial intermediation (ownership consolidation). C) rating agencies. D) managerial compensation.
Equilibrium GDP on the demand side occurs when total spending
a. equals total production, and inventories are zero. b. equals total production, and firms are unable to adjust inventories. c. exceeds total production, and inventories are rising. d. equals total production, and inventories remain at desired levels. e. is less than total production, and inventories are falling.
Which of the following is not true about the wage level in a bilateral monopoly?
A. It is determined by supply and demand. B. It is below the wage where the marginal factor cost curve intersects the labor demand curve. C. It is above the wage level where the marginal wage intersects the labor supply curve. D. It is determined by negotiation.
Which of the following is an example of perfect competition?
A.) One large firm supplies the entire product to the market. B.) Two firms supply the entire market and compete with each other for customers. C.) Many small firms all produce the same good. D.) Many firms supply similar products, but each has significant brand loyalty.