What fraction of the world's population lives on no more than $2 a day?
A. 1/10
B. 1/4
C. 1/2
D. 3/4
C. 1/2
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An inward shift of the production possibilities curve
A. represents an economic decline. B. means that the previous levels of production are now unobtainable except under unusual circumstances such as war. C. means that the economy can produce more of both goods. D. represents an economic decline AND means that the previous levels of production are now unobtainable except under unusual circumstances such as war.
Oksana deposits $90,000 at Flynn Bank. Flynn Bank has a required reserve ratio of 15 percent. How much money could Oksana’s deposit potentially create?
a. $76,500 b. $90,000 c. $600,000 d. $13,500
The optimal bid for an individual participating in a first-price, sealed-bid auction with independent private values is to bid:
A. less than the individual's valuation of the item. B. There is not an optimal bid strategy for all individuals when independent private values exist. C. exactly the individual's valuation of the item. D. more than the individual's valuation of the item.
Since the National Basketball Association is the only significant employer of professional basketball players, it might be referred to as a(n)
A. oligopsony. B. monopsony. C. oligopolist. D. monopoly.