In _____ the OPEC national quadrupled the price of oil.
Fill in the blank(s) with the appropriate word(s).
1973
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Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, and Andy has an income of $14.50, how many units of potato chips will he consume?
A) 5 B) 6 C) 7 D) 8 E) none of the above
Normative economic statements refer to what should be
a. True b. False
Which of the following most closely represents the share of total U.S. income to the poorest 20 percent of all U.S. families?
a. 47 percent. b. 23 percent. c. 10 percent. d. 4 percent.
Fractional reserve banking is a term used to describe a banking system whereby
A) individual banks share a fraction of the total funds deposited in the whole banking system. B) banks are required to quote interest rates in fractions. C) banks hold reserves equal to only a fraction of their deposit liabilities. D) banks hold reserves equal to a multiple of their deposit liabilities; that is, fractional in this case really means multiple. E) banks are required to maintain a certain fraction of their deposits in the form of checkable deposits, a certain fraction of their deposits in the form of savings deposits, etc.