Argentina's financial crisis was due to
A) poor supervision of the banking system.
B) a lending boom prior to the crisis.
C) fiscal imbalances.
D) lack of expertise in screening and monitoring borrowers at banking institutions.
C
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Compared to the short-run price elasticity of demand, the long-run price elasticity of demand is
A) smaller. B) the same. C) greater. D) either greater than or less, depending on the number of substitutes the good has.
The price a perfectly competitive firm receives for its output
A) is determined by the interaction of the firm and all of the consumers who buy from the firm. B) is determined by the interaction of all sellers and all buyers in the firm's market. C) will not change in response to changes in market demand and supply because the firm is a price taker. D) will be lowered by the firm in order to sell more output.