The traditional role of savings and loan associations has been to
A. finance business purchases of capital goods.
B. purchase corporate stocks on behalf of its depositors.
C. make installment loans to consumers.
D. make mortgage loans on houses.
D. make mortgage loans on houses.
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The costs associated with recalculating prices and printing new price lists when there is inflation are known as
A) menu costs. B) diminishing costs. C) shoe leather costs. D) chain-index costs.
If the growth of the quantity of money is 5 percent per year, potential and real GDP grow at 3 percent per year, and velocity does not change, in the long run what is the inflation rate?
What will be an ideal response?
Suppose that the federal budget is balanced when GDP is at potential GDP. If equilibrium GDP falls below potential,
A) this will result in a current budget deficit. B) government transfer payments will be rising and tax receipts will be falling. C) the cyclically adjusted budget will be balanced. D) All of the above are correct.
Which of the following is TRUE?
A) Adam Smith proposed the theory of comparative advantage as the basis for trade in The Wealth of Nations. B) David Ricardo proposed the theory of absolute advantage as the basis for trade. C) Absolute advantage is based on comparing the opportunity costs of trading partners. D) The Ricardian model assumes labor is perfectly mobile.