In 2003, the top 20 percent, or wealthiest fifth, of U.S. households earned _____.
(A) About the same as the bottom four fifths combined.
(B) Less than the bottom four fifths combined.
(C) More than the bottom four fifths combined.
(D) Less than the bottom three fifths combined.
Ans: (A) About the same as the bottom four fifths combined.
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Suppose Laqueta deposits $10,000 of cash into a checking account at a commercial bank. The immediate effect is
a. a $10,000 decrease in the M1 money supply. b. no change in the M1 money supply, but in the future, the M1 money supply will tend to decrease because the bank now has excess reserves. c. no change in the M1 money supply, but in the future, the M1 money supply will tend to expand because the bank now has excess reserves. d. a $10,000 increase in the M1 money supply.
A price floor in a competitive market will result in persistent shortages of a product.
Answer the following statement true (T) or false (F)
Which of the following is considered financial capital?
A. Money that accumulates as profit in a firm's checking account. B. Stock and bonds sold to finance operations. C. Funds a firm has in a savings account to be used to buy equipment that wears out. D. All of these are financial capital.
Answering the For Whom to Produce question means that:
A. society is determining the size of the economic pie, B. scarcity no longer restricts production. C. society must have a method to decide who will be rich and who will be poor. D. an economy is selecting among its resources for production.