Roughly how many times has the U.S. experienced a budget surplus since 1960?
A) 0
B) 5
C) 10
D) 20
E) 30
B
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In the simple deposit expansion model, an expansion in checkable deposits of $1,000 when the required reserve ratio is equal to 10 percent implies that the Fed
A) sold $1,000 in government bonds. B) sold $100 in government bonds. C) purchased $1000 in government bonds. D) purchased $100 in government bonds.
If a firm produces 8 units of output with average fixed cost=$40 and average variable cost=$25, what is its total variable cost?
a. $200 b. $320 c. $1,000 d. $650
Most macroeconomists agree that the fundamental issues facing an economy are
a. unemployment and inflation, and what should be done about them b. the economy's long-run equilibrium position and how to get there c. the quantity of money and its velocity d. the long-run Phillips curve and the Laffer curve and whether they generate conflicting outcomes e. government deficits and high taxes
Assume, for Mexico, that the domestic price of oranges without international trade is lower than the world price of oranges. This suggests that, in the production of oranges,
a. Mexico has a comparative advantage over other countries and Mexico will export oranges. b. Mexico has a comparative advantage over other countries and Mexico will import oranges. c. other countries have a comparative advantage over Mexico and Mexico will export oranges. d. other countries have a comparative advantage over Mexico and Mexico will import oranges.