When the federal government deregulated the banking industry, savings and loans
a. continued to make only mortgage loans
b. began to make riskier loans in areas such as speculative land development
c. developed new loan markets which allowed them to prosper and expand
d. began to merge with commercial banks
e. lowered interest rates to attract new depositors
B
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Total fixed cost (TFC):
A. varies directly with total output. B. falls continuously as total output expands. C. does not change as total output increases or decreases. D. falls as the firm expands output from zero, but eventually rises.
The labor-supply curve will be downward sloping if the:
A. income effect outweighs the price effect. B. substitution effect outweighs the income effect. C. price effect outweighs the income effect. D. The labor-supply curve is never downward sloping.
GDP is a:
A. stock concept and refers to the market value of all output sold. B. flow concept and refers to the market value of all output sold. C. flow concept and refers to the market value of final output. D. stock concept and refers to the market value of final output.
When is demand perfectly elastic? When is demand perfectly inelastic? What are the values of the price elasticity of demand when demand is perfectly elastic or perfectly inelastic? What do perfectly elastic and perfectly inelastic demand curves look like?
What will be an ideal response?