Refer to the information provided in Figure 9.1 below to answer the question(s) that follow. 
Figure 9.1Refer to Figure 9.1. This farmer will earn ________ economic profit if the price is $10.
A. -$2.
B. $0.
C. $2.
D. $7.
Answer: B
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The money supply will increase by a multiple of the increase in bank reserves created by the central bank unless:
A. banks' desired reserve/deposit ratio is 0.20. B. there is fractional reserve banking. C. there is 100 percent reserve banking. D. the public holds no currency.
Competition is best characterized as
A) a fully regulated set of market activities. B) a fair and just set of outcomes. C) a process of bids and offers. D) a necessary evil.
If the national debt is strictly an internal debt, then
a. the amount of the debt places a burden on the generation that repays the debt b. the amount of taxes used to pay the interest on the debt equals the interest payments to the bond holders, and there is no national debt burden c. the amount of taxes used to pay the interest on the debt equals the interest payments to the bond holders creating a national interest-created debt burden d. the amount of the debt places a burden on the generation when the debt is incurred because it reduces the amount of consumption e. the amount of taxes used to pay the debt is paid by future generations, which shifts the burden of the debt from the present to the future generation
If output growth exceeds population growth for a country,
A. This country must have overcome the problem of opportunity costs. B. GDP must have fallen at a very rapid rate. C. Average living standards will increase. D. Per capita GDP will decrease.