Bookkeeping
For a bank the primary liability is checkable deposits, money that customers have given the bank to hold. Liabilities basically consist of required reserves, excess reserves, and loans. One important aspect of the balance sheet is that it must balance, that is, any change on one side must be “balanced” by a change on the other side
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Which of the following is unique to oligopoly among all the market structures?
a. product differentiation b. profit maximization c. mutual interdependence d. advertising e. long-run economic profits
Who from among the following is counted as employed?
A. Frank would like to work, but has not looked for work because he believes no jobs are available. B. Ray wants to work forty hours per week, but can only find work for twenty hours per week. C. Martin has been offered several jobs in the past four weeks, but has chosen not to accept any of the offers. D. Anna Marie spends all of her time taking care of her children at home.
If a firm doubles its output in the long run and its unit costs of production decline, we can conclude that:
A. economies of scale are being realized. B. the firm is encountering diminishing returns. C. technological progress has occurred. D. diseconomies of scale are being encountered.
According to the National Bureau of Economic Research, the recession that began in December 2007
A) lasted 12 months. B) lasted 18 months. C) lasted 27 months. D) did not end until December 2011.