If $1 is worth 10 yen, then 1 yen is worth:
A. $0.01.
B. $0.10.
C. $1.00.
D. $1.10.
B. $0.10.
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The income generated from the sale of the goods and services produced in the economy and paid to the individuals and businesses who supply the factors of production is called:
A) GDP. B) GNP. C) national income. D) NNP.
In the long run when an increase in the quantity of output increases average total cost, this is called:
A. economies of scale. B. diseconomies of scale. C. constant economies to scale. D. minimum average total cost.
The expression "There's no such thing as a free lunch" means
A) each person must pay for exactly what he or she receives. B) when scarce resources are used to produce one good they are unavailable to produce others. C) you cannot have a free lunch at the expense of someone else. D) if one person gains, someone else must lose.
The Fed relies on open-market operations, which work
A. with the Treasury in creating money to finance bonds. B. through major stock exchanges to influence bond prices. C. directly through the nonbank public to change their assets. D. through the banking system by affecting their reserves.