Of the following nations, the country with the highest saving rate is
A. the United States.
B. Ethiopia.
C. Mexico.
D. Japan.
Answer: D
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If a firm hires workers up to the point where the value of their marginal product equals their wage, then the firm is
a. minimizing labor costs. b. maximizing profit. c. maximizing the MP of labor. d. minimizing average costs.
If the required reserve ratio is 10 percent, currency in circulation is $400 billion, checkable deposits are $1000 billion, and excess reserves total $1 billion, then the M1 money multiplier is
A) 2.5. B) 2.8. C) 2.0. D) 0.7.
Refer to the graph shown. From 1938 to 1943 the Federal deficit rose from $1.0 billion to $53.8 billion due to increased defense spending. The effect of this on the AD curve can be shown by a movement from:
A. A to B. B. A to C. C. A to D. D. B to A.
Suppose that in a month the price of a cup of coffee increases from $1 to $1.50. At the same time, the quantity of cups of coffee demanded decreases from 200 to 190. The price elasticity of demand for cups of coffee (calculated using the midpoint formula) is approximately:
A. 0.13. B. 0.5. C. 7.8. D. 20.