Which of the following is an example of a market that meets all four conditions for perfect competition?
(A) Books
(B) Jeans
(C) Wheat
(D) Bagels
Ans: (C) Wheat
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Explain what an asset bubble is, when an asset bubble would form, and why the bubble will eventually burst
What will be an ideal response?
High income countries have tariff policies that generally have
A. equal tariff rates and quotas for all imported items. B. higher tariff and quota protection on high technology products that compete with domestic firms. C. lower tariff and quota protection on products in agriculture, and clothing and textiles. D. higher tariff and quota protection on products in agriculture, and clothing and textiles.
If politicians decide to proceed with protection, why might economists prefer tariffs to quotas? Explain at least three reasons
What will be an ideal response?
Answer the question based on the following balance sheet for the First National Bank. Assume the reserve ratio is 15 percent:
Refer to the data above. If a check for $14,000 is drawn and cleared against this bank, then its reserves and checkable deposits will be, respectively:
A. $50,000 and $120,000
B. $50,000 and $106,000
C. $36,000 and $120,000
D. $36,000 and $106,000