An example of a positive economic statement is, "An increase in the price of a product causes consumers to purchase more of that product."
a. True
b. False
A
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Assume that average labor productivity is the same in each country. Based on the information in the table, which country has the highest real GDP per capita?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540
A. Country A B. Country B C. Country C D. Country D
Refer to Figure 15-17. The faculty member who designed the course argues: "I think the course should be priced so that the maximum number of students enroll." Which price should this faculty member favor?
A) $0 B) $40 C) $88 D) $150
Assuming initially that the required reserve ratio = 10%, the currency-deposit ratio = 40%, and the excess reserve ratio = 0, a decrease in the required reserve ratio to 5% causes the M1 money multiplier to ________, everything else held constant
A) increase from 2.8 to 3.11 B) decrease from 3.11 to 2.8 C) increase from 2 to 2.22 D) decrease from 2.22 to 2
The Lorenz curve shows the
a. percent of families on the vertical axis and percent of income on the horizontal axis. b. percent of families on the horizontal axis and the cumulative percent of income on the vertical axis. c. cumulative percent of income on the vertical axis and the cumulative percent of families on the horizontal axis. d. cumulative percent of families on the vertical axis and the cumulative percent of income on the horizontal axis.