Cities included all of the following economies of scale except
(a) Transportation
(b) Sanitation
(c) Crime
(d) Education
(c)
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Before the Great Depression of the 1930s, the majority of government spending took place at the ________ and after the Great Depression the majority of government spending took place at the ________
A) federal level; state level B) federal level; state and local levels C) state and local levels; federal level D) local level; federal level
Suppose the banking system as a whole has $600 billion in deposits and $66 billion in reserves, with a reserve ratio of 11 percent. What happens to the stock of money if the Fed lowers reserve requirements by changing the reserve ratio to 10 percent?
Oligopolist A cuts price in an attempt to enlarge his share of the market. His competitors fail to retaliate with price cuts. In this case, in Figure 13-3, oligopolist A will move from point A to which point?
A. B B. C C. D D. E
Economic models are:
A) created and used in order to duplicate virtually every aspect of the real world. B) useless if they are simple. C) made generally of wood, plastic, and/or metal. D) built using assumptions.