Economists define technology as
A) machines such as computers.
B) entrepreneurship.
C) absolute advantage.
D) society's knowledge concerning the production of goods.
D
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If the required reserve ratio is 10 percent, currency in circulation is $1,200 billion, checkable deposits are $1,600 billion, and excess reserves total $2,500 billion, then the excess reserves-checkable deposit ratio is
A) 1.56. B) 0.48. C) 0.72. D) 0.56.
Adverse selection represents
a. Profitable transaction b. Unconsummated transaction c. Wealth creating transaction d. All of the above
Which of the following purchases would be counted as a final good in the GDP calculation?
a. A family's purchase of a used car. b. A speculator's purchase of 100 shares of Apple Computer stock. c. A deli's purchase of bread for making its sandwiches. d. A business's purchase of new office equipment.
Technology spillovers: a. Can be reduced by way of patents
b. Can lead to clustering of technology firms near one another. c. Are examples of positive externalities. d. All of the above are true.