If Irv Goffman gets an $800 loan from the Durham National Bank and pays Alice Irby $800 to landscape his property, and she takes that $800 check from Irv and deposits it in the same Durham National Bank, then, with the legal reserve requirement of 20 percent
a. Durham National Bank will get $640 in new reserves
b. Durham National Bank will have an additional $800 in demand deposits
c. assets of the Durham National Bank will increase by $640
d. assets of the Durham National Bank will decease by $640
e. liabilities of the Durham National Bank will increase by $160
B
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Which of the following is true? i) A rational choice is made on the margin. ii) Microeconomics is the study of the national economy while macroeconomics is the study of the global economy. iii) Economists try to understand how the economic world works by testing normative statements.
A. Only ii
B. i and ii
C. Only iii
D. i and iii
E. Only i
Labor costs $20 per worker and capital costs $100 per unit. Then, according to the above table, which of the following options for pizza production is technologically efficient?
A) Option 1 B) Option 2 C) Option 4 D) All of the above listed options are technologically efficient.
The greater the elasticity of supply of a resource the greater is its economic rent
a. True b. False Indicate whether the statement is true or false
How is net national product (NNP) calculated?
a. Saving is subtracted from the total income of a nation's citizens. b. Saving is added to the total income of a nation's citizens c. Depreciation losses are subtracted from the total income of a nation's citizens. d. Depreciation losses are added to the total income of a nation's citizens.