Microeconomics and macroeconomics use different types of analysis
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose that from a new checkable deposit, First National Bank holds eight million dollars on deposit with the Federal Reserve, nine million dollars in excess reserves, and faces a required reserve ratio of ten percent
Given this information, we can say First National Bank has ________ million dollars in required reserves. A) one B) two C) nine D) ten
Refer to the information provided in Figure 4.1 below to answer the question(s) that follow.
Figure 4.1Refer to Figure 4.1. Assume that initially there is free trade. If the United States then imposes a 10-cent tax per apple,
A. the quantity of apples supplied by U.S. firms will increase by 2 million apples per day. B. the price of apples in the United States will increase to 40 cents per apple. C. the quantity of apples demanded will be reduced by 2 million apples per day. D. all of the above
Purchasing power parity refers to
A. Converting each country's GDP into U.S. dollars B. Dividing each country's GDP by the size of its population C. Adjusting GDP figures for the fact that prices are much lower in some countries than in others D. Adjusting different GDP figures for inflation over time
The section of the marginal cost curve that lies above the average variable cost curve is
A) a perfectly competitive firm's supply curve. B) a perfectly competitive firm's average total cost curve. C) a perfectly competitive firm's total fixed costs curve. D) irrelevant to the firm because it never produces at any point along this curve.