Refer to the above table. What does total product equal when 2 units of labor are used?
A. 350
B. 320
C. 335
D. 670
Answer: D
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Which of the following would be included in the total costs of production when an entrepreneur tries to compute her economic profit?
A) Foregone wages B) Foregone interest C) Foregone rent D) All of the above. E) None of the above.
A small commercial bank has $10,000 in actual reserves, $60,000 in deposits, and has a 10 percent desired reserve ratio. Its excess reserves are
A) $4,000. B) $10,000. C) $50,000. D) $6,000.
“Plowback” represents a portion of corporate profits that are used to
A. invest in future activities of the corporation. B. advertise the company’s product. C. buy back bonds (reduce debt). D. pay owners for the use of their capital.
The most narrow measure of money is:
a. M1 b. M2 c. M3 d. Cash