China is politically authoritarian and does not have well-established property rights, characteristics which were once thought to hinder growth.
Answer the following statement true (T) or false (F)
True
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If a bank receives a new transaction deposit of $10,000 and the reserve ratio is 15 percent, then the bank could expand its loans by as much as
A) $8,500. B) $1,500. C) $66,700. D) $15,000.
If an event has three possible outcomes, A, B, and C, and the probability of event A occurring is 0.20, the probability of event B occurring is 0.20, the probability of event C occurring is ________.
A) 0.20 B) 0.60 C) 1.00 D) 0.30
Suppose a nation is currently producing at a point inside its production possibilities frontier. We know that
a. the nation is producing beyond its capacity, so inflation will occur. b. the nation is not using all available resources or is using inferior technology or both. c. the nation is producing an efficient combination of goods. d. there will be a large opportunity cost if the nation tries to increase production of any good.
This year an economy produced 3,700 coats, 3,000 shoes and 2,000 socks. The price of coats was €50, the price of socks was €3.50 and the price of shoes was €70. In the base year, prices were 10% lower. Nominal GDP was:
(a) €361,800; (b) €402,000; (c) €420,000; (d) Cannot be computed.