Figure 7-1
Of the graphs in Figure 7-1, which best represents marginal physical product?
A. 1
B. 2
C. 3
D. 4
Answer: B
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Net public debt is
A) the excess of annual tax revenues over annual government spending. B) the sum owed by the public to keep the Social Security system afloat. C) the portion of government debt held by private individuals and firms. D) the excess of annual government spending over annual tax revenues.
Bill's Lawn service starts the year with 20 lawn mowers. During the year, 3 mowers break and are not worth fixing. Bill also expands his business and buys 10 more mowers. Bill's capital at the end of the year is ________ mowers
A) 10 B) 30 C) 27 D) 33 E) 20
If the price of gasoline fell from $2.95 to $2.85 per gallon, your expenditure on gasoline would increase if your price elasticity of demand for gasoline equals
A) 1.1. B) 1.0. C) 0.9. D) Total revenue would increase at all of the above elasticities.
Of all commercial banks, about ________ belong to the Federal Reserve System
A) 10% B) one half C) one third D) 90%