A business organization owned and operated by a group of individuals for their mutual benefit:
a. cooperative
b. corporation
c. trade association
d. limited partnership
e. sole proprietorship
Answer: a. cooperative
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The following equations represent the demand and supply for bottles of nail polish
QD = 25 - P QS = -15 + 3P What is the equilibrium price (P) and quantity (Q - in thousands) of bottles of nail polish? A) P = $15; Q = 30 thousand B) P = $10; Q = 15 thousand C) P = $20; Q = 5 thousand D) P = $5; Q = 20 thousand
Government intervention in agriculture usually involves
A) price ceilings in order to keep food prices low. B) price ceilings in order to subsidize U.S. exports. C) price supports in order to keep farm incomes high. D) price supports in order to keep agricultural imports low.
Suppose the Fed injects $50 billion of new money by buying U.S. treasury bonds from the public. If the required reserve ratio is 10 percent, banks convert all excess reserves into loans, and the public hold all their money in their checking accounts rather than in cash, then by how much will the money supply ultimately increase due to this injection?
a. $5 billion b. $50 billion c. $500 billion d. $950 billion
The structural deficit:
A. does not change when actual income changes; it but changes only when potential income changes. B. falls as the economy expands and rises when it contracts. C. rises as the economy expands and falls when it contracts. D. changes as actual income changes regardless of potential income.