Which of the following nations is NOT part of OPEC?
A. Kuwait
B. Indonesia
C. Iran
D. Mexico
Answer: D
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When the real interest rate falls, the consumption function
A) does not shift and there is a movement downward along the consumption function. B) shifts upward. C) does not shift and there is a movement upward along the consumption function. D) shifts downward. E) does not shift and there is no movement along the consumption function.
A market is classified as monopolistically competitive when
A) there is a barrier that blocks entry by other firms. B) a small number of firms compete. C) many firms produce the same product. D) many firms produce a slightly differentiated product. E) there is one firm that sells a good or service with no close substitutes.
Society's demand curve for a public good:
a. is given by the horizontal summation of individual demand curves. b. is given by the vertical summation of individual demand curves. c. cannot be derived from individual demand curves due to the nature of a public good. d. is given by the average citizen's individual demand curve.
Suppose the Fed purchases $40,000 of U.S. Treasury bonds from Benjamin, who deposits the money with First National Bank. If the required reserve ratio is 20 percent, this transaction will increase the excess reserves of First National Bank by
a. $8,000. b. $32,000. c. $40,000. d. $200,000.