Whereas prior to 1980 only banks create money, today because of _____ all depository institutions with checkable deposits are involved in the process of money creation.
A. the Federal Reserve Act
B. the FDIC
C. the Depository Institutions Deregulation and Monetary Control Act of 1980
D. the Fiscal Responsibility Act of 1980
C. the Depository Institutions Deregulation and Monetary Control Act of 1980
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When OPEC meets to set production levels, this organization is playing a
A) negative sum game. B) cooperative game. C) non-cooperative game. D) reaction function game.
In economics, specialization means
a. producing something using only one type of resource, such as labor b. producing something using only one type of labor c. focusing efforts on a particular product or a single task d. producing only one unit of output e. producing something using only one unit of a variable resource
Which of the following statements about collusion is true?
a. Collusion is legal in the United States. b. Its overriding goal is to enhance competition and thereby increase profits. c. The greater the number of firms, the less difficult it is to maintain a collusion. d. Collusion never results in benefits for the participants. e. Collusion may help to increase the profits of the participating firms.
Exhibit 7-14 Cost curves
In Exhibit 7-14, a firm finds that it is experiencing numerous managerial and information problems. The position of its short- and long-run average total cost curves suggest that it is operating at a production level:
A. between 0 and 1,000. B. between 1,000 and 2,000. C. between 2,000 and 3,000. D. between 3,000 and 4,000.