Which of the following is true of the FDIC?
a. It controls the operations of all commercial banks in the U.S.
b. It exists only in the countries of North America and Europe.
c. It covers depositors against losses up to $500,000 in a bank account.
d. It is a federal agency that insures bank deposits in commercial banks.
e. It is a financial institution that uses cost-plus pricing.
d
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Drivers are charged a price to use a tollway. But even tollways, such as the Tri-State Tollway near Chicago, become heavily congested during the morning and evening rush hours. Thus,
A) the rush hour represents a surplus of cars. B) your textbook author is wrong in claiming congestion is caused by zero prices. C) higher tolls are required during rush hours to reduce congestion. D) growing population is indeed the problem.
A period of significant decline in economic activity, marked by falling GDP, rising unemployment, and an increased number of bankruptcies, is called:
A. a severe depression. B. a recession. C. an expansion. D. a boom.
Unlike a perfectly competitive firm, a monopolistically competitive firm
A. faces a perfectly inelastic demand curve. B. can earn positive economic profit in the short run and in the long run. C. cannot earn positive economic profit even in the short run. D. has a negatively sloped demand curve.
Answer the following questions true (T) or false (F)
1. In a free market there are significant restrictions on how a good or service can be produced or sold. 2. A bed of oysters is not an example of a factor of production but the shucked oysters used to make oyster stew are a factor of production. 3. The payment received by suppliers of entrepreneurial skills is called profit.