The major decline in oil prices in early 1980 that resulted in bankruptcy of many banks and saving and loans in the southwest U.S. resulted in a major Midwestern bank taking bankruptcy because of
A. interstate banking.
B. intra bank loans.
C. cost of gasoline declined at the pump.
D. decrease in the values of oil leases in the Midwest.
B. intra bank loans.
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Because monopolists are protected by high barriers to entry, they:
a. may be able to earn long-run economic profits. b. will not minimize the per-unit cost of producing their output. c. will price their product at the highest possible price. d. seek economic profit; however, they are not able to earn it in the long run.
The value of the absolute price elasticity of demand for good A is 3. The absolute price elasticity for good B is 2. Which good's quantity demanded is less responsive to a change in price?
A. Good A B. Good B C. They are equally responsive. D. Not enough information is given.
Quasi-concavity of utility functions insures that with only two goods, these goods must be:
a. gross substitutes. b. gross complements. c. net substitutes. d. net complements.
North Carolina's school choice program gives parents a bigger say over where their children go to school. To help with the choice, parents are mailed a sheet of paper listing the average of the math and reading scores for each school they could apply to. Providing this information is an example of a(n):
A. incentive compatibility problem. B. shadow price. C. push. D. nudge.