Given the following information about AAA bank:
What is the reserve ratio?
A. 50 percent
B. 40 percent
C. 20 percent
D. 10 percent
Answer: C
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In which of the following markets do firms sell the same standardized product?
A. Four-door cars B. Desktop computers C. 2% milk D. Sandwiches
Most economic growth in the world occurred between 1,000,000 B.C. and 1300 A.D
Indicate whether the statement is true or false
In the model of monopolistic competition, if firms have ________ average cost curves, then opening trade will ________ the total number of firms and ________ the average price
A) downward sloping; decrease; decrease B) downward sloping; decrease; increase C) downward sloping; increase; decrease D) upward sloping; decrease; increase E) upward sloping; increase; decrease
According to economists who emphasize the connection between productive contribution and economic reward, a more equal income distribution
a. is instrumental to economic growth b. always helps the poor in the long run c. is at the heart of the ethics underlying competitive markets d. creates inefficiency e. may create a bigger GDP, but the individual shares of the GDP are smaller