A checkable and debitable banking account is
A) a liability to a commercial bank.
B) an asset to a commercial bank.
C) a liability to the household or firm that has the account.
D) an asset for the Federal Reserve System.
A
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In any year, real GDP
A) must always be less than potential GDP. B) might be greater or less than potential GDP. C) will always be greater than potential GDP because of the tendency of nations to incur inflation. D) always equals potential GDP.
If the value of a price index was 125 for 2005 and 75 for 1982, and GDP was 2500 in 2005 compared to 600 in 1982, the value of real 2005 GDP in terms of 1982 prices is
a. 1500. b. 1000. c. 2500. d. 360.
In the above figure, the total cost of producing the profit maximizing level of output is shown by rectangle
A) 0P1AQ1. B) 0P5EQ5. C) 0P4HQ4. D) 0P2BQ1.
A diagram of an individual's utility from income will be a line with a constant slope if the individual is risk-neutral.
Answer the following statement true (T) or false (F)