Jake can wash 6 cars or mow 3 lawns during the same time. His marginal cost of washing a car is:
a. mowing one-third lawn.
b. mowing half a lawn.
c. mowing one lawn.
d. mowing 2 lawns.
B
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Money is legal tender if: a. people willingly accept it in payment of debts. b. it is backed by gold or silver
c. it is commodity money. d. the government says it is. e. it is in a bank account.
If the aggregate expenditure line shows, for a given price level, how planned spending relates to the level of real GDP in the economy, then which of the following is true?
a. The quantity of real GDP demanded is found where aggregate spending equals real GDP. b. The quantity of real GDP demanded is found where the consumption function crosses the 45 degree line. c. The quantity of real GDP demanded is found where intended inventory investment equals government spending. d. The quantity of real GDP demanded is found where intended inventory investment equals to zero.
A nation has a comparative advantage in producing a good, if
A. more people in the country are employed in the production of the good than in other countries. B. it has either a greater productivity advantage or a smaller productivity disadvantage. C. it has a higher standard of living than its trading partners. D. it also has an absolute advantage in producing the good.
If bank with $100 million in assets and $10 million in equity increases its assets by adding $1 to capital for every $1 added to assets:
A. the debt-to-equity ratio will remain constant. B. the debt-to-equity ratio will increase. C. the answer cannot be determined from the information in the question. D. the debt-to-equity ratio will decrease.