Most bank deposits in the United States are insured by the Federal Deposit Insurance Corporation (FDIC).
Answer the following statement true (T) or false (F)
True
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To an economist, theory can be thought of as
a. abstraction for the sake of argument. b. one person's opinion, which is just as good as another's. c. another term for the description of a situation. d. beliefs which cannot necessarily be verified. e. explanation of mechanisms behind observed phenomena.
In a monopolistically competitive market, as the number of product variants decreases, the price of a particular firm's product is likely to ________ because the demand for each variety becomes more
A. increase; inelastic. B. increase; elastic. C. decrease; elastic. D. decrease; inelastic.
Suppose your coffee shop earns $25,000 in total revenues per month with explicit costs of $15,000 and opportunity costs of $10,000. Your economic profit is
A) $16,000. B) $12,000. C) $5,000. D) zero.
Oligopolies are difficult to analyze because
A) the firms are so large. B) demand and cost curves do not exist for these types of industries. C) how firms respond to a price change by a rival is uncertain. D) oligopolies are a recent development so economists have not had time to develop models.