The economy of the United States is important because it:
A.) Produces as much output as China, Japan, and Western Europe combined.
B.) Produces about 20 percent of total world output.
C.)Exceeds the combined production of all other countries in the world.
D.) Accounts for over 20 percent of total world population.
B.) Produces about 20 percent of total world output.
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The federal agencies that examine banks include
A) the Federal Reserve System. B) the Internal Revenue Service. C) the SEC. D) the U.S. Treasury.
In September 2007 the British bank Northern Rock which specialized in home mortgages experienced a noteworthy bank run
a. True b. False Indicate whether the statement is true or false
Which of the following could be done in the short run to counteract diminishing marginal product in a lawn mower factory?
a. building a new factory b. paying off loans c. adjusting staffing levels d. offering sales discounts
Which of the following are characteristics of a typical isoquant?
A. All input combinations on the isoquant will produce the same level of output. B. The marginal rate of technical substitution decreases as more labor is substituted for less capital. C. A change in input prices shifts the isoquant map. D. both a and b E. none of the above