If a bank grants you a mortgage, the mortgage is
A) an asset to you as well as an asset to the bank.
B) an asset to you, but a liability to the bank.
C) a liability to you, but an asset to the bank.
D) a liability to you as well as a liability to the bank.
C
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Which of the following conditions during 2008-2009 most closely paralleled the economic conditions of the Great Depression?
a. record-high unemployment rates for a period of many years b. a sharp and prolonged contraction in the money supply c. significant increases in taxes and trade restrictions in order to counter budget deficits d. frequent policy changes that generated an unstable and unpredictable economic climate
Figure 6.2 shows the cost structure of a firm in a perfectly competitive market. If the market price is $10 and the firm chooses the profit-maximizing output level, its profit is:
A. $1,000. B. $800. C. $720. D. $200.