A statement of assets and liabilities of any business entity is
A) a sweep account. B) legal reserves. C) a balance sheet. D) net worth.
C
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Sellers who lower their prices and consequently sell a larger quantity earn more
A) gross (or total) revenue as a result. B) gross revenue only if the demand is elastic. C) net and gross revenue if the demand is inelastic. D) net revenue (revenue minus cost) as a result.
People choose to hold a smaller quantity of money if
a. the interest rate increases, which causes the opportunity cost of holding money to increase. b. the interest rate increases, which causes the opportunity cost of holding money to decrease. c. the interest rate decreases, which causes the opportunity cost of holding money to increase. d. the interest rate decreases, which causes the opportunity cost of holding money to decrease.
Due to the existence of the FDIC, banks
A. may make riskier loans knowing that their depositors are insured. B. have not changed their behavior even with the existence of insurance. C. are no longer concerned about net worth. D. become more cautious in making loans.
The above table depicts prices, quantities, and marginal costs faced by the campus bookstore. Based on marginal analysis, what is the profit-maximizing level of output for the bookstore?
A. 1 book B. 2 books C. 3 books D. 4 books