The table above indicates how many thousands of containers of ice cream three different companies are willing to produce at different prices. Does this information reflect the law of supply? Why or why not?
What will be an ideal response?
Yes, the information in the table is in accord with the law of supply because for all three companies, as the price rises (falls), the quantity supplied increases (decreases).
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The money supply is $6 million, currency held by the nonbank public is $2 million, and the reserve—deposit ratio is 0.1. The monetary base is equal to
A) $2 million. B) $2.4 million. C) $2.6 million. D) $4 million.
In 1950, the largest category of state and local revenue (as a percentage of GDP) came from _____
a. individual income taxes b. sales and gross receipt taxes c. property taxes d. estate taxes
In an economy, 180 million workers are employed out of a labor force of 200 million and a total population of 310 million. The unemployment rate is:
a. 3.1 percent b. 1.85 percent c. 10 percent d. 5 percent
Compare the composition of U.S. output in the year 1900 with its composition in the year 2000.
What will be an ideal response?