Inputs, or factors of production, include
A. labor.
B. machinery.
C. natural resources.
D. All of the responses are correct.
Answer: D
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Assume thatthe market demand for organic tomatoesis modeled as QD= 104 – 2P and market supply is QS = 20 + 4P. If the actual price is set at $20 per pound, there is a _________ of _______ units of the good.
a. surplus; 36 c. shortage; 10 b. surplus; 26 d. none of the above
Under flexible exchange rate, the response of an economy to a temporary fall in foreign demand for its exports is
A) the currency appreciates, and output falls. B) the currency depreciates, and output falls. C) the currency depreciates, and output increases. D) the currency depreciates, and output remains constant. E) the currency appreciates, and output increases.
If the required reserve ratio is 15 percent, the simple deposit multiplier is
A) 15.0. B) 1.5. C) 6.67. D) 3.33.
The spending multiplier is:
a. 1 / (1 ? MPC). b. 1 ? MPC. c. MPC. d. MPC / (1 ? MPC).