Refer to Table 19-28. Based on the table above, what is national income for this economy?
A) $1,950 billion B) $2,250 billion C) $2,950 billion D) $3,550 billion
C
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Use the following diagram for the market for money to answer the next question.
The vertical money supply curve Sm reflects the fact that
A. bond prices and interest rates are inversely related. B. the rate at which money is spent is zero. C. the stock of money is determined by the Federal Reserve System and does not change when the interest rate changes. D. lower interest rates result in lower opportunity costs of supplying money.
Aimee sells hand-embroidered dog apparel over the Internet. Her annual revenue is $128,000 per year, the explicit costs of her business are $42,000, and the opportunity costs of her business are $30,000. What are the implicit costs of her business?
A) $12,000 B) $30,000 C) $72,000 D) $86,000
People (and all resources):
a. tend to specialize in those activities in which their opportunity costs are minimized.
b. tend to specialize in those activities in which their opportunity costs are maximized.
c. never consider opportunity costs before specializing in a particular activity.
d. consider only direct costs while choosing to specialize in a particular activity.
e. do not act in their own self-interest but specialize in those activities which benefit others.
As of 2015, for income distribution in the United States, the minimum family earnings in the top quintile were nearly ________ times the maximum family earnings in the bottom quintile.
A. 10 B. 3 C. 5 D. 7