Refer to Table 9-3. What is the value of the bank's net worth?
A) $200 million
B) $2,000 million
C) $2,800 million
D) $3,000 million
Ans: A) $200 million
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For a perfectly competitive firm, marginal revenue is
A) less than the price. B) greater than the price. C) equal to the price. D) equal to the change in profit from selling one more unit. E) undefined because the firm's demand curve is horizontal.
The above figure shows the demand and cost curves for a monopolistically competitive firm in the long run. The firm has excess capacity of
A) 4 units. B) 8 units. C) 16 units. D) $10.
According to a survey by the U.S. Bureau of Labor Statistics, which of the following statements about annual U.S. household consumer expenditures is false?
A) The income elasticity of demand for entertainment is positive. B) The income elasticity of demand for owner-occupied housing is positive. C) The income elasticity of demand for rental housing is positive. D) The income elasticity of demand for health care is positive. E) Average family expenditures increase with income.
If the Fed pursues a contractionary monetary policy on the open market, which of the following would be the most likely result?
a. appreciation of the dollar b. increase in exports c. decrease in imports d. lower interest rates