Universal banks are:
A. firms that engage a wide array of financial and non-financial activities.
B. firms that engage in banking services across many countries.
C. banks that make direct investment in non-financial firms.
D. multinational corporations that own U.S. banks.
Answer: A
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Refer to Reducing Long-Run Labor Usage. The substitution effect of the wage change is the movement from point X to
The following questions refer to the accompanying diagram, which shows a firm reducing its long-run labor usage from L0 to L1 in response to an increase in the wage rate.
a. point A.
b. point B.
c. point C.
d. point D.
Discretionary fiscal policy works by shifting the short-run aggregate supply curve
a. True b. False Indicate whether the statement is true or false
According to convergence theory, countries that start out poor should initially grow:
A. faster than ones that start out rich, but will eventually slow to the same growth rate. B. slower than ones that start out rich, but will eventually grow to the same growth rate. C. faster than ones that start out rich, and will eventually surpass their level of income. D. slower than ones that start out rich, and therefore will never reach a similar growth rate.
In the long run, a monopolistic competitor will
a. always produce at minimum efficient scale b. produce too little output to achieve minimum cost per unit c. use limit pricing to forestall competition d. earn economic profits e. standardize its product