In 2010, the wealthiest 1 percent of U.S. households held about ____ percent of U.S. household wealth
A. 35.
B. 77.
C. 23.
D. 32.
Answer: A
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A measure by which prices are expressed is a(n)
A) standard of deferred payment. B) unit of accounting. C) medium of exchange. D) store of value.
If, at some level of output, total planned real expenditures are less than real Gross Domestic Product (GDP)
A) real GDP will either fall or remain unchanged, depending on the MPC. B) real GDP will rise. C) unplanned inventories will increase and real GDP will fall. D) real GDP remains unchanged.
Money's function as a medium of exchange means that
A) money is a common denominator for expressing the prices of goods and services. B) money can be used to store wealth. C) money serves as an acceptable means of payment. D) money requires a double coincidence of wants.
At the point where a firm incurs diminishing marginal returns, total product will begin to decline
Indicate whether the statement is true or false