If the price of wireless phone service decreases and the demand for wired phone services decreases, then wired and wireless phone services are
A. substitutes.
B. complements.
C. elastic goods.
D. inferior goods.
Answer: A
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Refer to Table 19-18. What is nominal GDP in 2016 when 2011 is the base year?
A) $28,885 B) $11,790 C) $11,200 D) $10,275
When the FDIC took over the Chicago-based Continental Illinois Bank, it
a. refused to guarantee any of the bank's deposits even though the bank was insured by FDIC because the bank had engaged in illegal practices b. covered its deposits before allowing the bank to be taken over by the Treasury c. allowed Continental to fail in order to set an example to other banks that engaged in overly risky loan ventures d. sold Continental at a bargain price to Citibank e. announced it would cover every deposit—without limit—to keep Continental alive
Which of the following is not a technique that unions have to control the supply of labor?
a. control apprenticeship programs b. control membership dues c. establish a closed shop d. decrease the MRP curve of labor e. limit the number of workers allowed into the union
If velocity = 4, the quantity of money = 20,000 . and the price level = 2.5, then the real value of output is
a. 2,000. b. 200,000. c. 12,500. d. 32,000.