If a perfectly competitive firm is maximizing its profit and is making an economic profit, which of the following is correct?
i. Price equals marginal revenue.
ii. Marginal revenue equals marginal cost.
iii. Price is greater than average total cost.
A) i only
B) i and ii only
C) ii and iii only
D) i and iii only
E) i, ii, and iii
E
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With respect to economic freedom, which of the following is TRUE?
A) Three out of four people live in nations with governments that grant residents high degrees of economic freedom. B) About three dozen nations with governments unwilling to grant much in the way of economic freedom are home to two-thirds of the world's population. Even so, these countries produce over 50 percent of the world's output. C) Where governments do not grant residents a high degree of economic freedom, economic growth rates tend to be above the annual average for the world's nations. D) As economic freedom increases, so does a nation's prospects for economic growth.
What were some of the consequences of the large current account deficits that the U.S. ran over a long period of time that culminated in the crisis that began in 2007?
What will be an ideal response?
The US is experiencing a technological boom. Relative to the other countries with lower technological growth, we expect to see the dollar
a. Appreciate b. Depreciate c. Stay constant in value d. None of the above
Macro National Bank, a commercial bank, holds $1 million in vault cash, $15 million in government and corporate bonds, $40 million in demand deposits, $10 million on deposit with a Federal Reserve bank, and $8 million worth of property. What are Macro National Bank's total liabilities?
a. $40 million b. $48 million c. $50 million d. $51 million e. $65 million