Related to the Economics in Practice on p. 26: One reason for the increase in sales of frozen foods from $1 billion in 1950 to $53 billion in 2016 is the
A. increased opportunity cost of cooking frozen meals.
B. decrease in popularity of the microwave oven.
C. increased opportunity cost of preparing home-cooked meals.
D. decrease in the number of women in the labor force.
Answer: C
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Assuming there are no capital gains, a nation's wealth at the start of a year is equal to the wealth at the start of the previous year plus
A) income. B) nothing because wealth does not change from one year to the next. C) income minus saving during the year. D) saving during the year. E) saving minus depreciation during the year.
In the figure above, the expected inflation rate is
A) 6 percent. B) 0 percent. C) 2 percent. D) 8 percent. E) 4 percent.
Which of the following is correct for a single-price monopoly?
i. The firm can determine the quantity it produces and the price it charges. ii. It would never profitably produce output in the inelastic range of its demand. iii. Its marginal revenue is less than price. A) i only B) i and iii C) ii only D) ii and iii E) i, ii, and iii
The amount of money that a bank must keep on hand per dollar of deposits is called
A) the discount rate. B) the quick ratio. C) the multiplier. D) the reserve requirement.