Using the above table, the Disposable Personal Income (DPI) for the country is
A. 298.
B. 220.
C. 78.
D. 147.
Answer: A
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In the simple deposit expansion model, if the Fed purchases $100 worth of bonds from a bank that previously had no excess reserves, the bank can now increase its loans by
A) $10. B) $100. C) $100 times the reciprocal of the required reserve ratio. D) $100 times the required reserve ratio.
The price of an airline ticket from Denver to Chicago costs $450. A bus ticket costs $150. Traveling by plane takes 2 hours compared with 32 hours by bus. Other things constant, Erica would gain by choosing air travel if, and only if, she values her time at more than
A) $5 per hour. B) $300 per hour. C) $10 per hour. D) $9.38 per hour.
Suppose you have the following values for a short-run production process: Q = 20, VC = 100, FC = 600 and MC = 40. Given this, we know that the
A. marginal cost curve must be decreasing. B. marginal cost curve must be increasing. C. average cost curve must be increasing. D. average cost curve must be decreasing.
The standard long-run model assumes that:
A. technology improves at an increasing rate over time. B. technology is fixed. C. technological advance is impossible. D. costs of production are fixed.