If the quantity demanded of flashlights is 140,000 and the quantity supplied of flashlights is 80,000, then there is an excess supply of 60,000 flashlights
Indicate whether the statement is true or false
F
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A distinguishing characteristic of public transfer payments is that they ________.
A. involve no contribution to current production in return for the payment B. include the cost of maintaining public parks C. are counted as part of government purchases in the calculation of the gross domestic product D. include wages to government workers
If the poorest 80 percent of the population receives 75 percent of the income, then the
a. richest quintile receives 20 percent of the income b. Lorenz curve lies on the diagonal c. richest quintile receives 25 percent of the income d. poorest quintile receives 25 percent of income e. poorest quintile receives 75 percent of the income
The two most important factors contributing to increased productivity in industrialized countries in the twentieth century were:
A. technological progress and increases in the capital stock. B. higher relative prices and technological progress. C. higher relative prices and a larger labor supply. D. technological progress and increases in the labor supply.
The ABC Commercial Bank has $5,000 in excess reserves and the reserve ratio is 30 percent. This information is consistent with the bank having:
A. $90,000 in outstanding loans and $35,000 in reserves. B. $90,000 in checkable deposit liabilities and $32,000 in reserves. C. $20,000 in checkable deposit liabilities and $10,000 in reserves. D. $90,000 in checkable deposit liabilities and $35,000 in reserves.