The 1920s were characterized by large numbers of bank failures each year, especially among country banks. Country banks were particularly inclined to fail because:
a. they tended to open too many branches.
b. they were not allowed to issue checking accounts.
c. they were not allowed to join the Federal Reserve system.
d. farm mortgages constituted the major portion of their loans.
e. All of the above.
d. farm mortgages constituted the major portion of their loans.
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A firm in a perfectly competitive industry will maximize profits by adjusting
A) average total cost until it equals price. B) price until marginal revenue equals marginal cost. C) output until average revenue equals short-run average total cost. D) output until marginal cost equals marginal revenue. E) price until average revenue equals average total cost.
Quotas that entirely eliminate trade in a certain product or a number of products are known as
A) export tariffs. B) deadweight. C) ultimate tariffs. D) embargoes.