Economic growth can be defined as:
a. An increasing rate of savings
b. Increasing in government surplus
c. Increasing Real GDP per person
d. Increasing Nominal GDP
Ans: c. Increasing Real GDP per person
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Under a fractional reserve banking system,
A) banks keep a fraction of their reserves on hand as deposits. B) banks keep all of their reserves on hand as deposits. C) banks keep a fraction of their deposits on hand as reserves. D) banks keep all of their deposits on hand as reserves.
In a small town, Marilyn's Christmas Tree Lot has a monopoly on sales of Christmas trees. In order to increase her sales from 100 trees to 101 trees, she must drop the price of all of her trees from $20 to $19. What is the marginal revenue?
A) $2000 B) $20 C) $19 D) negative $81
How does a firm that is losing money in the short run decide whether to shut down or continue to produce to minimize its losses?
What will be an ideal response?
The demand for _____ is most severely affected by a recession
a. medicines b. automobiles c. breakfast cereals d. haircuts e. gasoline