Demand deposits are
a. coins and currency
b. the same as time deposits
c. included in M2 and M3 but not M1
d. gold bars in the Federal Reserve System
e. funds in checking accounts
E
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If the consumption function is given by C = 200 + 0.6YD, then an increase in taxes of 50 units will cause the IS schedule to
a. shift to the right by 75 units.. b. shift to the left by 50 units. c. shift to the left by 75 units. d. shift to the left by 125.
When a business has implicit costs
A) economic profits are greater than accounting profits. B) economic and accounting profits are the same. C) economic profits are less than accounting profits. D) economic costs are the same as accounting costs.
The elasticity of resource demand measures the:
A. responsiveness of workers to changes in wage rates. B. responsiveness of producers to changes in resource prices. C. ratio of marginal revenue product to resource price. D. sensitivity of marginal revenue product to changes in product price.
Refer to the above table. At an output of 2 units, average total costs are
A. $45. B. $16. C. $122. D. $61.