Specialization in production
A. raises productivity.
B. requires money.
C. stimulates exchange.
D. All of the responses are correct.
Answer: D
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If the required reserve ratio is 10 percent, currency in circulation is $1,200 billion, checkable deposits are $1,600 billion, and excess reserves total $2,500 billion, then the M1 money multiplier is
A) 2.5. B) 1.7. C) 7.3. D) 0.73.
According to the graph shown, what does P on the y-axis stand for?
A. Average price level
B. Inflation rate
C. Price of GDP
D. Price of Y
If Ming is willing to pay $75 to attend the Broadway production of The Lion King but actually pays $40, she receives a consumer surplus of $35
a. True b. False Indicate whether the statement is true or false
In an industry with network effects and differentiated products, it is possible for the industry to become an oligopoly if
A) they engage in a zero-sum game. B) they use a price-leadership model. C) they use a kinked demand curve model. D) a few firms reap most of the sales gains resulting from positive market feedback.