About _________ percent of all banks have state charters.

An efficient allocation of goods in an exchange economy means that

A) goods were produced by the most efficient technology available. B) no one can be made better off without making somebody else worse off. C) those made worse off are not hurt as badly as the benefits resulting from those made better off. That is, there is a net positive gain. D) in a particular production process one gets the maximum output for a given input.

The price of a large pepperoni pizza used to be $12, but this week the price rose to $18. With a budget of just $28, you can't afford as many pizzas at the higher price. This change in consumer behavior reflects the

A) real income effect. B) substitution effect. C) nominal income effect. D) concept of diminishing marginal utility.