An expansion is:
A. the high point of economic activity prior to a downturn.
B. a period in which the economy is growing at a rate significantly below normal.
C. a period in which the economy is growing at a rate significantly above normal.
D. the low point of economic activity prior to a recovery.
Answer: C
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Thrift institutions encountered serious difficulties in the 1970s because: a. money market mutual funds became serious competitors for their deposits
b. the U.S. Treasury deposited larger sums of money than the thrift institutions could effectively manage. c. the interest rates they had to pay on deposits began to fall. d. each of the largest banks increased the pressure on the thrifts by building a nationwide network of branch banks. e. the FDIC increased the reserve requirement for thrifts.
Which of the following formulas represents the marginal rate of technical substitution of labor for capital?
A. MPK/MPL B. -?L/?K C. ?K/?L D. MPL/MPK