In a debate on the state of the economy Senator A pointed out that the price of clothing, fruits, and computers had decreased slightly over the last year, while Senator B stated that the inflation rate had increased over the last year. In this example, aggregate data is being used by:
A. senator A
B. senator B
C. neither senators
D. both senators
Answer: B
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Mia wants to buy a book. The economic perspective suggests that Mia will buy the book if the
A. marginal cost of the book is greater than or equal to its marginal benefit. B. marginal cost of the book is affordable for her. C. marginal benefit of the book is greater than zero. D. marginal benefit of the book is greater than or equal to its marginal cost.
The figure above shows the marginal revenue and costs of a perfectly competitive firm. When the firm produces 170 units
A) marginal cost is less than marginal revenue. B) marginal revenue equals marginal cost. C) total revenue is less than total cost. D) total revenue equals total cost.
If excess reserves are $30,000, demand deposits are $100,000, and the required reserve ratio is 15 percent, then total reserves are
A. $45,000. B. $15,000. C. $130,000. D. $30,000.
Which of the following best describes full employment?
(a) Less than 5% of the labour force is unemployed; (b) The level of employment in the economy is sustainable; (c) Employment and unemployment are at their "natural" rates; (d) All of the above could describe it.