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Bank runs were not confined to the United States during the Great Depression. In AD 33, there was a massive bank panic in the Roman Empire. It started with the loss of three spice ships in a Red Sea hurricane. They were owned by the firm of Seuthes and Son. The rumor spread in Rome that the firm was near bankruptcy. Another important firm, Malcus and Company of Tyre, started to go under because of a strike by its Phonecian workers and because of fraud by a trusted manager. Citizens of Rome learned meanwhile that the Roman banking firm of Quintus Maximus and Lucius Vibo had loaned significant amounts of money to both firms. Depositors started a run on this bank. This run spilled over to a larger banking firm owned by the Pettius brothers because that bank had extensive dealings with the bank of Maximus and Vibo. But the Pettius Brothers’ bank happened to be temporarily strapped for cash because it held many securities issued by Belgium, whose citizens had recently revolted. Maximus and Vibo closed its doors: The Pettius Brothers suspended operations on exactly the same day. To make matters worse, the Roman senate had passed a law requiring one-third of each senator’s capital to be invested in Italian land. The wealthy senators needed to reduce their deposit balances at their banks in Rome in order to buy land. Finally, word arrived from Corinth and Carthage of bank failures in their towns. A true bank panic hit the streets of Rome. Ultimately, every bank in Rome closed its doors. The panic ended when the emperor, Tiberius, ordered the distribution of a large sum of Roman currency from the imperial treasury to reliable banks, which were to lend the funds to needy debtors with no interest for three years. (B) Could a similar bank panic end up closing all of the banks in America today? Why or why not?
Suppose that after hurricane Irene, the average income in Cape Charles, Virginia decreased by 14%. In response to this change in income, suppose the demand for steak in Cape Charles decreased by 4%. What is the income elasticity of demand for steak?
Suppose the candle manufacturing industry is organized as a perfectly competitive market i.e. it consists of many firms with identical cost structures. A single firm's long-run average total cost function is “U” shaped and minimized at an output of q..
A farmer’s field grows 30 bushels of corn and 10 bushels of beans. The farmer can either consume these crops herself or trade them, with one bushel of beans being traded for one bushel of corn. Graph the farmer’s budget which is the possible combinat..
Which of the following value chain activities is unlikely to be a primary building block in a company's organizational structure:
The zinc also copper monopolists every set a price, believing that the other monopolist will not change its price. Conclude the equilibrium price of brass.
From 2003 to 2008, Eastlandia experienced large fluctuations in both aggregate consumer spending and disposable income, but wealth, the interest rate, and expected future dispensable income did not change. What is the aggregate consumption function?
Elucidate what happens to the official measure of GDP in each of the following situations.
Suppose a firm finds that the marginal product of capital is 60 and the marginal product of labor is 20. If the price of capital is $6 and the price of labor is $2.50, describe how the firm should adjust its mix of capital and labor? What will be the..
If output prices rise without the nominal wage rising, then real wages rise and workers are willing to work more. This is one of the main reasons that the short-run aggregate supply curve slopes upward.
When entrepreneurs are investing their own money, how do they decide which projects they should undertake? When political decision-makers allocate the funds of others (taxpayers), how do they decide which projects to support? Explain.
Sam promises to pay Sandy $2,000 in four years and another $3,000 four years later for a loan of $2,000 from Sandy today. What is the interest rate that Sandy is getting? Assume interest is compounded monthly.
Assume that you live in a simple economy in which only three goods are produced and traded.
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