Money is scarce, but resources are not
a. True
b. False
Indicate whether the statement is true or false
False
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The law of diminishing marginal utility implies that the marginal utility of my fifth hot dog is less than the marginal utility of my second soft drink, other things constant
a. True b. False
One way for a company like McDonalds to overcome principal-agent problems is to advertise for franchisees
a. True b. False
At a price of $5, Sam buys 10 units of a product; when the price increases to $6, Sam buys 8 units. Martha says Sam's demand has decreased. Is Martha correct?
a. Yes, Martha is correct. Sam's demand has decreased. b. No, Martha is incorrect. Sam's demand has increased. c. No, Martha is incorrect. Sam's quantity demanded has decreased, and his demand has not changed. d. No, Martha is incorrect. Sam's quantity demanded has increased, and his demand has increased. e. No, Martha is incorrect. Sam's demand has increased, and his quantity demanded has decreased.
Bank of the Gulf has a required reserve ratio of 10 percent. It receives $180,000 in new deposits and then loans the excess reserves from this deposit to Kayla, who is building a new greenhouse. Kayla deposits the money into her checking account at Vulcan Bank until she needs it. How much money has Bank of the Gulf created?
a. $162,000 b. $18,000 c. $324,000 d. $180,000