The two major types of finance company are
A) captive and specialty.
B) public and private.
C) consumer and commercial.
D) insured and uninsured.
C
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The theory that suggests that our unlimited wants will lead to perpetual economic growth is the
A) classical growth theory. B) old growth theory. C) sustained growth theory. D) Malthusian growth theory. E) new growth theory.
Which of the following is a policy tool of the Fed? i. setting the required reserve ratios ii. conducting open market operations iii. quantitative easing
A) i only B) ii only C) iii only D) Both i and ii E) i, ii, and iii
Which of the following best describes the idea of excess capacity in monopolistic competition?
a. Firms produce more output than is socially desirable. b. The output produced by a typical firm is less than what would occur at the minimum point on its ATC curve. c. Due to product differentiation, firms choose output levels at which P > ATC. d. Firms keep some surplus output on hand in case there is a shift in demand for their product. e. The collective output of all firms in the market typically exceeds the quantity demanded.
If economies of scale are relatively unimportant in an industry, the typical firm's long-run average total cost curve will reach a minimum at a level of output that is a ________ fraction of total industry sales. The industry will be ________
A) large; competitive B) large; an oligopoly C) small; competitive D) small; an oligopoly