Suppose a firm manager has a base salary of $50,000 and earns 2.5 percent of all sales. Determine the manager's income if revenues are $20,000,000 and profits are $5,000,000.
A. $175,000
B. $50,000
C. $550,000
D. $700,000
Answer: C
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Refer to Table 6-3. Over what range of prices is the demand inelastic?
A) between $12 and $16 B) over the entire range of prices C) between $8 and $16 D) between $2 and $8
The Fed's use of the federal funds rate as an operating target in the 1970s resulted in
A) countercyclical monetary policy. B) too slow growth in M1 throughout the decade. C) procyclical monetary policy. D) too rapid growth in M1 throughout the decade.
Tariffs to limit imports to "protect U.S. jobs" will also
A) stimulate exports. B) limit exports. C) decrease import prices. D) reduce domestic production of import-threatened products.
When the required reserve ratio is lowered, the money multiplier,
A. increases, and the amount of excess reserves increases in the banking system. B. decreases, and the amount of excess reserves increases in the banking system. C. decreases, and the amount of excess reserves decreases in the banking system. D. increases, and the amount of excess reserves decreases in the banking system.