Consider the following game. You pick a card from a standard 52-card deck and each time you select an ace, you get $520. For all other cards you must pay $26. This game is not a fair bet.
Answer the following statement true (T) or false (F)
True
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Efficient production can be carried out anywhere on or beyond the production possibilities frontier.
Answer the following statement true (T) or false (F)
During what period did the US expand its area by the greatest amount?
a. Since 1970. b. 1910-1950. c. 1880-1900. d. 1800-1850. e. 1781-1795.
In Macroland, currency held by the public is 2,000 econs, bank reserves are 300 econs, and the required reserve/deposit ratio is 15 percent. If the Central Bank lowers the required reserve/deposit ratio making the new desired ratio equal to 10 percent, then the money supply in Macroland will ________ to ________ econs, assuming that the public does not wish to change the amount of currency it holds.
A. increase; 5,000 B. increase; 4,000 C. decrease; 4,000 D. decrease; 5,000
The following are national income account data for a hypothetical economy in billions of dollars: government purchases ($940); personal consumption expenditures ($4,920); imports ($170); exports ($133); gross private domestic investment ($640). What is GDP in this economy?
a. $6,633 billion b. $6,463 billion c. $6,500 billion d. $6,537 billion