Refer to the graphs, where the subscripts on the labels denote years 1 and 2. From the graphs we can clearly conclude that the economy:
A. is not at full employment in either year.
B. is at full employment in year 1 but not in year 2.
C. is at full employment in year 2 but not in year 1.
D. is at full employment in both years.
D. is at full employment in both years.
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A deadweight loss
A) is possible only if the good is underproduced but is not possible if the good is overproduced. B) subtracts only from producer surplus. C) is a loss to consumers and a gain to producers. D) is a loss inflicted on the entire society.
Early nineteenth century banks primarily
(a) enabled small savers to buy shares in a diversified portfolio of investments. (b) accepted and managed checkable deposits. (c) provided a broad range of financial services. (d) relied on a federal safety fund in times of well spread crisis.