Since the Federal Reserve sets the required reserve ratio to less than one, one dollar of reserves can support ________ of checkable deposits
A) exactly one dollar
B) less than one dollar
C) more than one dollar
D) exactly twice the amount
C
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The break-even point is defined as occurring at an output rate at which
A) total revenue equals total opportunity cost. B) economic profit is maximized. C) marginal revenue equals marginal cost. D) total cost is minimized.
With regard to the characteristics of production indifference curves, which of the following statements is/are NOT true?
A. Higher curves correspond to larger outputs. B. An indifference curve will generally have a negative slope. C. An indifference curve is typically assumed to curve inward toward the origin near its middle. D. All of the responses are true for production indifference curves.
Suppose that when price is $10, quantity supplied is 20 . When price is $6, quantity supplied is 12 units. The price elasticity of supply is:
a. 0.5. b. 0.8. c. 1.0. d. 1.5. e. 2.0.
U.S. gross domestic product is converted to U.S. gross national product by
a. adding the value of output produced by U.S.-owned resources in foreign countries. b. subtracting the value of output produced by U.S.-owned resources in foreign countries. c. subtracting the value of output produced in the United States by foreign-owned resources. d. both adding the value of output produced by U.S.-owned resources in foreign countries AND subtracting the value of output produced in the United States by foreign-owned resources.