The development of interchangeable parts by Eli Whitney and Simeon North allowed:
a.
a. firms to better implement continuous-process manufacturing.
b. producers to reduce production costs and increase supply.
c. for easier and cheaper repair of damaged goods.
d. All of the above.
d. All of the above.
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If a 10 percent rise in price leads to a reduction in quantity demanded of more than 10 percent,
a. demand is elastic. b. demand is inelastic. c. elasticity of demand is unitary. d. None of the above is correct.
Laissez-faire is an economic:
A. theorem because it is the logical conclusion of a model with carefully stated relationships among variables. B. precept because it is the logical conclusion of a model with widely held assumptions. C. theorem because it is based on deductive analysis of a model that is based on assumptions. D. precept because it is based on a model and normative judgments about the relevance of the model to the real world.
If the Fed increases the interest rate in the U.S.:
A) the demand curve for dollars will shift to the left. B) the demand curve for dollars will shift to the right. C) the supply curve of dollars will shift to the right. D) the real exchange rate of the U.S. will depreciate.
Banks earn profits by selling ________ with attractive combinations of liquidity, risk, and return, and using the proceeds to buy ________ with a different set of characteristics
A) loans; deposits B) securities; deposits C) liabilities; assets D) assets; liabilities