Which of the following is the most important of the over-the-counter markets?
A) New York Stock Exchange
B) the S&P 500
C) the NASDAQ Composite Index
D) the Chicago Mercantile Exchange
Answer: C
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Assume that the market for cell phones comprises two buyers and two sellers. The following table shows the demand and supply of cell phones at different prices. Using the information in the table, determine the market equilibrium price and quantity
Price ($) Cell Phones Demanded (Buyer 1 ) Cell Phones Demanded (Buyer 2 ) 10 100 80 20 80 65 30 75 50 40 60 45 50 30 30 60 20 22 Price ($) Cell Phones Supplied (Seller 1 ) Cell Phones Supplied (Seller 2 ) 10 10 25 20 30 40 30 50 45 40 55 50 50 65 60 60 75 70
Exhibit 5-7 GDP data (billions of dollars) Personal consumption expenditures$5,207 Interest425 Corporate profits735 Government spending1,406 Depreciation830 Rental income146 Gross private domestic investment1,116 Compensation of employees4,426 Exports870 Imports965 Indirect business taxes553 Proprietors' income520 Personal taxes886 Social Security taxes432 Transfer payments376 In Exhibit 5-7, national income (NI) is:
A. $6,254 billion. B. $6,495 billion. C. $6,805 billion. D. $7,637.7 billion.
Why does perfect competition often lead to a market in which profits tend toward zero?
What will be an ideal response?
When computing gross domestic product, government services are valued at the
a. price consumers pay for them. b. value of the resources used to produce them. c. value of comparable outputs from the private sector. d. value of taxes collected from consumers.