Which of the following is an example of a bank's liabilities?
A) its reserves
B) its loans
C) checkable deposits
D) its holdings of U.S. government bonds
Ans: C) checkable deposits
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Refer to Table 8-13. Nominal GDP for Vicuna for 2013 equals
A) $4,920. B) $5,100. C) $5,300. D) $5,850.
According to the quantity theory of money, a shortage of money should result in deflation (falling prices) or negative growth (decreasing quantities of output)
Indicate whether the statement is true or false
When price falls in a perfectly competitive industry, each firm will
a. sell more output b. sell the same amount of output but earn less economic profit c. sell less output d. raise its price e. shut down production until price regains its former level
Suppose a firm in a competitive market earned $1,000 in total revenue and had a marginal revenue of $10 for the last unit produced and sold. What is the average revenue per unit, and how many units were sold?
a. $5 and 50 units b. $5 and 100 units c. $10 and 50 units d. $10 and 100 units