Which definition of the money supply includes credit cards?
A. M1.
B. M2.
C. M3.
D. Credit card balances are not included in money supply.
Answer: D
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In the figure above, the tariff ________ the domestic production of shirts in the United States by ________ per year
A) increases; 8 million B) decreases; 16 million C) increases; 4 million D) decreases; 8 million
Which of the following is reflected in the gross domestic product (GDP)?
a. The value of leisure time b. The value of illegal goods and services c. The value of final goods produced by firms d. The cost of depletion of natural resources e. The value of house maintenance performed by homeowners
If Noah thinks the last dollar spent on belts yields more satisfaction than the last dollar spent on socks, and Smith is a utility-maximizing consumer, he should
a. decrease his spending on socks. b. decrease his spending on socks and increase his spending on belts. c. increase his spending on belts. d. increase his spending on socks and decrease his spending on belts.
A group of three plants that is owned and operated by a single firm and that consists of a farm growing wheat, a flour-milling plant, and a plant that bakes and sells bread would best be an example of a:
A. horizontally integrated firm. B. conglomerate. C. vertically integrated firm. D. multiplant firm.