The Glass-Steagall Act
A. was created in 1933 to divide commercial banking from investment banking.
B. allowed banks to become more diverse in the investments they were allowed to make.
C. made U.S. banks similar to the "universal banks" of continental Europe.
D. created conflicts of interest between commercial banks and investment banks.
A. was created in 1933 to divide commercial banking from investment banking.
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Over long time horizons, the more independent a country's central bank is,
A) the lower the inflation that country experiences. B) the better chance that country has of experiencing hyperinflation. C) the higher the country's unemployment rate tends to be. D) the more politically unstable the country becomes.
Louise is unemployed due to a decrease in the demand for workers with a knowledge of a certain word processing language. This is an example of:
a. cyclical unemployment. b. frictional unemployment. c. involuntary unemployment. d. structural unemployment.
Nick Lewis is a strict vegetarian and dislikes the sight and smell of meat products. He buys a raffle supporting the Josh Gottheil Memorial Fund for Lymphoma Research and wins the 3rd prize: a year's supply of hamburger meat. He is willing to trade with his meat-loving friends, and a trade ensues. This is because the
a. marginal utility of meat for them is positive and for Nick, it's negative b. total utility of meat for them and for Nick is positive c. MU/P of the goods his friends trade away is higher than their MU/P of meat d. MU/P of meat for Nick is higher than the MU/P of the goods he gets for the meat e. his friends have a negative total utility of meat, but wish to help Nick
The price of an airline ticket rises as the amount of time between purchase and flight departure gets smaller. The airlines base the policy on the assumption that
a. consumers are not aware of airline prices. b. consumer demand is unrelated to prices. c. consumer demand becomes more elastic as departure time approaches. d. consumer demand becomes more inelastic as departure time approaches.