The most detrimental effect of the 1999 repeal of the Glass-Steagall Act was that it
A. was a major contributor to the financial crisis of 2008.
B. was a major detriment to mergers of financial institutions.
C. American financial institutions were less able to compete with their European counterparts.
D. increased the differentiation among banks, securities firms, and insurance companies.
B. was a major detriment to mergers of financial institutions.
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The production possibilities frontier model assumes which of the following?
A) Production of any level of the two products that the economy produces is currently possible. B) Labor, capital, land, and natural resources are unlimited in quantity. C) The economy produces only two products. D) The level of technology is variable.
Inelastic supply
What will be an ideal response?
Casey earns $150 a week and consumes only fish and shrimp. The price of fish is $3 a pound and the price of shrimp is $5 a pound. Casey can buy a maximum of ________ pounds of fish or a maximum of ________ pounds of shrimp.
A. 30; 50 B. 30; 15 C. 50; 30 D. 15; 30
When supply increases and at the same time demand decreases, we
A. can predict that both equilibrium price and quantity will decrease. B. cannot predict equilibrium quantity, but know that equilibrium price will decrease. C. can predict that both equilibrium price and quantity will increase. D. cannot predict the change in either the equilibrium quantity or equilibrium price.