In 2011, U.S. GDP totaled approximately:
a. $2.1 trillion
b. $2.8 trillion
c. $10.7 trillion
d. $15.0 trillion
d
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When the Fed supplies the banking system with an extra dollar of reserves, deposits increase by more than one dollar—a process called
A) extra deposit creation. B) multiple deposit creation. C) expansionary deposit creation. D) stimulative deposit creation.
The principal-agent problem of ownership vs. control of the corporation tends to get worse when
A) stock in a corporation is held exclusively by a small number of people who control the company's day-to-day operations. B) stock in the company is tightly held, but there are some "outsider" stockholders. C) stock in the company is very diffusely held, with no individual or group having control over a large block of stock. D) managers have profit-sharing schemes as part of their incentive package. E) managers focus on maximizing the firm's profits, rather than the firm's market share.
Simplified trend models are generally appropriate for predicting the turning points in an economic time series
a. true b. false
Table 21.4Output (Units per Day)Total Cost (Dollars per Day)016130242358478At 2 units of output in Table 21.4, the average variable cost is
A. $12. B. $6. C. $21. D. $13.