A savings account is an example of consumer income.
Answer the following statement true (T) or false (F)
False
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At its current level of quantity, a perfectly competitive firm's marginal revenue is $3.25, its short-run marginal cost is $3.25 and its long-run marginal cost is $3.25. Which of the following statements is true?
A) The firm is maximizing both its short-run and long-run profit. B) The firm is maximizing its long-run profit, but not its short-run profit. C) The firm is not maximizing its short-run or long-run profit. D) The firm is maximizing its short-run profit, but not its long-run profit.
Which of the following statements is NOT a condition for a Stackelberg oligopoly?
A. A single firm (the leader) selects an output before all other firms choose their outputs. B. The firms produce either differentiated or homogeneous products. C. The market is contestable. D. Barriers to entry exist.
If you believe that expectations react slowly, you are likely
A. a believer in rational expectations. B. a Keynesian. C. a theoretical economist. D. None of the above is correct.
Suppose Bill Gates deposits $20 million into his checking account at Wells Fargo Bank. If the required reserve ratio is 10 percent, what is the maximum change in money supply?
A) -$200 million B) -$180 million C) $2 million D) $180 million E) $200 million