If Peter produces 3 times as much per hour as Julia, we would say that he is ______ times as productive as she is.
Fill in the blank(s) with the appropriate word(s).
Answer: 3
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A liability to a bank is
a. something that the bank owns. b. something that the bank owes. c. something a customer owes the bank. d. the value of bank buildings and hardware.
The quantity sold in a market will decrease if the government
a. decreases a binding price floor in that market. b. increases a binding price ceiling in that market. c. increases a tax on the good sold in that market. d. All of the above are correct.
In the long run an increase in the marginal tax rate on asset income in the market clearing model:
a. increases GDP. b. raises consumption. c. decrease the capital stock. d. all of the above.
If a country’s workers can produce 10 hamburgers per hour or 5 bags of French fries per hour. If there is no trade, the price of 1 bag of fries is 2 hamburgers.
Answer the following statement true (T) or false (F)