Japan's Debt to GDP ratio is currently about
A) 50%
B) 100%
C) 150%
D) 250%
Answer: D) 250%
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Which of the following would be classified as a fixed cost for the local supermarket?
A) The cost of the boxes of cereal sold in the store. B) The salary and any overtime paid the store's manager. C) The rent from the six-year lease for the building the store uses. D) The Social Security tax the store pays the federal government on the workers' income.
A specific tariff provides home producers more protection when
A) the home market buys cheaper products rather than expensive products. B) it is applied to a commodity with many grade variations. C) the home demand for a good is elastic with respect to price changes. D) it is levied on manufactured goods rather than primary products. E) the home supply outnumbers the foreign imports.
The Humphrey-Hawkins Act
a. disallowed wage and price controls b. instructed the Federal Reserve to target inflation at zero percent c. mandated a balanced federal budget d. identified a 4 percent unemployment rate and 3 percent inflation as both doable and acceptable targets e. created the Council of Economic Advisers
A monopolist can sell 300 units of output for $45 per unit. Alternatively, it can sell 301 units of output for $44.60 per unit. The marginal revenue of the 301st unit of output is
a. -$120.00. b. -$75.40. c. -$0.40. d. $75.40.