Refer to Table 8-27. What is the level of personal income for this economy?

A) $1,140 billion B) $1,010 billion C) $990 billion D) $860 billion


B

Economics

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The Federal Reserve System has

A) 50 district banks. B) 12 district banks. C) 24 district banks. D) 7 district banks.

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Efficiency in a market occurs when the production of the good is such that

A) marginal benefit exceeds marginal cost. B) marginal benefit equals marginal cost. C) marginal benefit is lower than marginal cost. D) the marginal cost stops increasing. E) marginal benefit exceeds marginal cost by the maximum amount possible.

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In a perfectly competitive market, the long-run industry supply curve is perfectly elastic at the minimum point of the ATC curve

a. True b. False Indicate whether the statement is true or false

Economics

Idiosyncratic error is the error that occurs due to _____.

A. incorrect measurement of an economic variable B. unobserved factors that affect the dependent variable and change over time C. unobserved factors that affect the dependent variable and do not change over time D. correlation between the independent variables

Economics