Seymour owns 3 acres of beautiful waterfront property on a large inland lake. In his will, Seymour donates the land to the state with the understanding that the land will be used as a state beach. Seymour wants an efficient way to prevent overcrowding at the beach, so he should require
a. that all beach visitors pay the same entry fee regardless of the day of the week or time of the year.
b. that the beach limit the number of visitors to 500 per day, without an entry fee.
c. an entry fee be charged on summer weekend days when many people tend to visit the beach.
d. that only local residents be admitted to the beach.
c
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A bank's assets consist of $500,000 in total reserves, $1,600,000 in loans, and a building worth $1,200,000 . Its liabilities and capital consist of $2,000,000 in demand deposits and $1,300,000 in capital. If the required reserve ratio is 20 percent, what is the level of the bank's excess reserves? How much could it loan out as a result?
a. $100,000; $100,000 b. $100,000; $400,000 c. $400,000; $500,000 d. $400,000; $2,000,000
A sudden technological breakthrough in an economy would:
a. have no impact on real GDP. b. cause aggregate demand to fall. c. lower the natural rate of unemployment. d. increase the price level. e. cause aggregate supply to rise.
The statement "the rich get richer and the poor get poorer" is evident in the fact that
a. the earnings gap between high-skill jobs and low-skill jobs has increased over the last several years. b. developing countries do not pay workers the value of their marginal product. c. developed economies export high-skill jobs to developing countries. d. All of the above are correct.
___ consumption is consumption that does not depend upon the level of GDP
Fill in the blank(s) with the appropriate word(s).