The services of a husband or wife as a homemaker and cash gains from a lottery are included in the calculation of gross domestic product
a. True
b. False
Indicate whether the statement is true or false
False
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If a product constitutes a large portion of a consumer’s income, demand will be more inelastic.
Answer the following statement true (T) or false (F)
Suppose the banking system holds no excess reserves. If the required reserve ratio is 0.10 and the money multiplier is 2.5, what is the value of the currency-deposit ratio?
What will be an ideal response?
The problem of economic scarcity applies
A) only in developed countries, because resources are scarce in these nations. B) only in underdeveloped countries, because there are no productive resources in these nations. C) only to an economy with an insufficient supply of money. D) to the economies of all nations, regardless of their level of development.
If the supply curve of labor facing the firm is upward sloping, the wage rate and the MLC are identical
Indicate whether the statement is true or false