Given that the firm decides to only offer the high-end wok, what is the highest price it can charge the chefs?
a. $70
b. $80
c. $90
d. $100
d
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Why does real GDP have limitations in determining economic welfare?
What will be an ideal response?
If a bank has $100,000 in checkable deposits, reserves of $20,000 . and no excess reserves, then the required reserve ratio is:
a. 10 percent. b. 20 percent. c. 25 percent. d. 30 percent. e. 50 percent.
If coffee and cream are complements, an increase in the price of coffee will cause
a. the demand for cream to increase. b. the demand for cream to fall. c. the demand for coffee to fall. d. no change in the demand for cream; only quantity demanded would be affected.
If the consumer price index was 96 in 2012, 100 in 2013, and 102 in 2014, then the base year must be
a. 2012. b. 2013. c. 2014. d. The base year cannot be determined from the given information.