Assuming there are no capital gains, a nation's wealth at the start of a year is equal to the wealth at the start of the previous year plus
A) income.
B) nothing because wealth does not change from one year to the next.
C) income minus saving during the year.
D) saving during the year.
E) saving minus depreciation during the year.
D
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If a bank subject to a 10% required reserve ratio has $10,000 in excess reserves, it can extend, at a maximum, which quantity of new loans?
A. $1,000 B. $9,000 C. $10,000 D. $100,000
The demand for cocaine is believed to be relatively elastic among addicts.
Answer the following statement true (T) or false (F)
One interesting feature of a prisoner's dilemma game is that
A) non-cooperative behavior leads to lower payoffs than cooperative behavior. B) it was only valid before the industrial revolution. C) individuals behave irrationally when they behave non-cooperatively. D) cooperative behavior leads to lower payoffs than non-cooperative behavior.
The coupon equivalent yield of a one-year Treasury bill with a $1,000 face value and a current price of $970 is __________ percent
A) 3.1 B) 3.0 C) 9.7 D) None of the above.