Using a credit card creates a financial:
A. liability for the person using it and a financial asset for the issuer.
B. asset for the person using it and a financial liability for the issuer.
C. asset for both the person using it and issuer.
D. liability for both the person using it and issuer.
Answer: A
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Refer to Scenario 12.3. What is the monopoly price of this new drink?
A) 0 B) $3 C) $13.50 D) $16.50 E) $27
If there are big gains to be had from specialization and trade, countries generally don’t produce one good because:
A. national economies often are perfectly free markets. B. there is perfectly free trade between national economies. C. specialization is generally limited by trade agreements. D. All of these are true.
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.
Today, U.S. government spending on entitlements represents ________ of the total federal budget.
A. less than 5 percent B. nearly 60 percent C. nearly 100 percent D. about 10 percent