Suppose that Wells Fargo Home Mortgage sells $10 million worth of mortgage payments to GMAC in exchange for $10 million in auto loan payments. This type of transaction is called a
A) credit option.
B) credit swap.
C) credit-linked note.
D) credit default swap.
B
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Factors of production are
A. Scarce only in advanced countries. B. Unlimited in quantity. C. Scarce in every society. D. Scarce only in the poorest countries of the world.
A firm should shut down in the short run if it s revenue is smaller than its variable costs.
Answer the following statement true (T) or false (F)
A perfectly elastic demand curve
A. has a slope of -1. B. shows that a slight change in income will lead to a large reduction in price. C. shows that a slight increase in price will reduce quantity demanded to zero. D. is a vertical line drawn across from the quantity axis.
The number of countries belonging to the World Trade Organization (WTO), as of 2013, is about:
A. 159. B. 125. C. 80. D. 202.