The National Bank Act
a. stemmed the credit expansion that banks generated by holding each other's deposits
b. avoided wholesale shifts of deposits between city and country banks
c. was instrumental in averting the 1907 Knickerbocker disaster
d. helped to avoid financial panics and recessions
e. tightened the money supply, but was by no means the banking industry's panacea
E
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The two main characteristics of the production function are
A) it slopes downward from left to right, and the slope becomes flatter as the input increases. B) it slopes upward from left to right, and the slope becomes steeper as the input increases. C) it slopes upward from left to right, and the slope becomes flatter as the input increases. D) it slopes downward from left to right, and the slope becomes steeper as the input increases.
A firm under any market structure maximizes profits at a point where:
a. marginal revenue product is greater than marginal factor cost. b. marginal revenue product is equal to marginal factor cost. c. marginal revenue product is equal to zero. d. marginal factor cost is equal to zero. e. marginal revenue product is less than marginal factor cost.