Under the National Banking Acts of 1863 and 1864, the U.S. monetary system
(a) experienced drastic changes.
(b) played a role in helping the Union finance the Civil War.
(c) permitted, for the first time, the federal government to charter banks.
(d) protected the rights of states to be the only entities to charter banks.
(c)
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A positive cross price elasticity of demand between two goods suggests that the goods are
A) not related. B) complements. C) substitutes. D) both of unitary elasticity.
The consumer surplus lost because monopolists restrict the production of output represents a welfare loss because: a. it is transferred to producers in the form of profit
b. consumers pay a higher price than they would in a more competitive market. c. society is not using its scarce resources in the best way possible. d. of both a. and b., but not c.