If the music industry was perfectly competitive, then all performers would
A. produce a non-standardized product.
B. charge the same price for concerts, but not necessarily play the same music.
C. play the same music, but not necessarily charge the same price for concerts.
D. play the same music and charge the same price for concerts.
Answer: D
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Fannie Mae and Freddie Mac are important in the mortgage industry because:
a. They regulate banks to make sure their underwriting standards meet strict standards. b. Their mandate is to develop a secondary market in U.S. mortgages. c. Their mandate is to develop a secondary market in global mortgage markets. d. Their mandate is to develop a primary market in the U.S. mortgage market. e. None of the above.
Liabilities of the commercial banking system include:
A. reserves and loans. B. loans and deposits. C. deposits. D. reserves and deposits.
Given the utility-optimizing rule and the presence of diminishing marginal utility for a good
A. the demand curve for the good will be vertical. B. there will not be a substitution effect. C. the demand curve for the good will be negatively sloped. D. there will not be a well-defined demand curve.
When a buyer or seller of an agricultural commodity takes action to protect against a future change in the value of the commodity, then the buyer or seller is:
A. Logrolling B. Hedging C. Allotting D. Bolstering