If there are 500 identical firms in this market, what is the value of Q2?
a. 12,000
b. 60,000
c. 240,000
d. 300,000
Answer: d. 300,000
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Which of the following statements is true?
A) Countries tend to trade extensively with their neighbors. B) The United States is an important trading partner for many countries. C) The largest amount of international trade occurs between industrialized countries. D) All of the above are true.
A tendency for a good to come into favor with consumers because other consumers have chosen to buy the item is
A) price-leadership. B) negative-sum game. C) positive market feedback. D) negative market feedback.
The underground economy can be described as
A) production of intermediate goods and services. B) economic production that includes mining. C) production of infrastructure that spurs growth in the rest of the economy. D) economic activity that is hidden from the government to avoid taxes or because the activity is illegal.
If the initial deposit into the banking system is $500 billion, and if the total $8,000 billion represents the maximum money supply permissible, then the legal reserve requirement must be
a. 8 percent b. 6.25 percent c. 11 percent d. 12 percent e. 12.3 percent