U.S. exports
a. represent approximately 50 percent of GDP
b. represent approximately 35 percent of GDP
c. represent approximately 11 percent of GDP
d. consist primarily of agricultural commodities
e. consist primarily of metals and other raw materials
C
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Funds held in ________ are subject to reserve requirements
A) all checkable deposits B) all checkable and time deposits C) all checkable, time, and money market fund deposits D) all time deposits
Firm A producing one good acquires another firm B producing another good. Price elasticity of demand for Firm A's good is -1.8 and Firm's B is -1.8 . Holding other things constant and assuming both goods are complements, the acquiring firm should
a. lower prices on both goods with a larger decrease in Firm A's good b. lower prices on both goods with a larger decrease in Firm B's good c. Lower prices on both goods by the same amount d. Lower prices on both goods
The statement "The unemployment rate in the U.S. is 5 percent" is
a. a statement of opinion b. a positive statement that can be falsified c. lacking proper microeconomic foundations d. a statistical anomaly e. a philosophical difference of opinions regarding the nature and significance of statistical inference
Economists assume that business firms have many goals, and profit maximization is just one of them.
Answer the following statement true (T) or false (F)