In the equation 
, c denotes consumption and i denotes income. What is the residual for the 5th observation if 
=$500 and 
=$475?
A. $975
B. $300
C. $25
D. $50
Answer: C
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In 1964 a certain foreign bank opened a branch in the United States. That branch
A) has always been allowed to underwrite securities. B) has never been allowed to underwrite securities. C) gained the right to underwrite securities by the International Banking Act of 1978. D) lost the right to underwrite securities by the International Banking Act of 1978.
The socially efficient level of output is determined where:
a. marginal social cost equals marginal social benefit. b. marginal private cost equals marginal social benefit. c. average social cost equals average social benefit. d. average private cost equals average social benefit.
The change in national income that is generated by a change in aggregate expenditure is called
a. autonomous consumption b. marginal propensity to consume c. equilibrium multiplier d. aggregate expenditure multiplier e. income multiplier
The marginal revenue product of a resource
a. is defined as the marginal product of the resource multiplied by the resource price. b. simply means that a firm should add to its capital stock as long as competition requires it. c. equals the extra output produced by an additional unit of the resource multiplied by the marginal revenue per unit of that output. d. equals the average product of the resource multiplied by the cost of hiring an additional (marginal) unit of the resource.