Refer to Table 10-1. If Keegan can drink all the bubble tea he wants for free, how many glasses will he consume?
A) 4 glasses B) 5 glasses C) 6 glasses D) 7 glasses
C
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The GDP deflator is a measure of the price level which is calculated as nominal GDP divided by real GDP and multiplied by 100
Indicate whether the statement is true or false
Suppose a banking system has a required reserve ratio of 0.15. How much can the money supply increase in response to a $1 billion increase in excess reserves for the whole banking system?
A. $150 million. B. $6.67 billion. C. $1 billion. D. $15 billion.
A simple linear demand function may be stated as Q = a - bP + cI where Q is quantity demanded, P is the product price, and I is consumer income. To compute an appropriate value for c, we can use observed values for Q and I and then set the estimated income elasticity of demand equal to:
What will be an ideal response?
Suppose that your firm's marginal cost of producing a pencil is 5 cents and the average cost of producing a pencil is 7 cents. If your firm is interested in minimizing average total costs, what should your firm do?
A. Increase production. B. Decrease production. C. Maintain production at the current level. D. Look for ways to increase fixed costs.