In the second quarter of 1995, the following values were observed: real GDP = 4,359.3 billion; GDP Deflator = 325.1; and M1 = 989.5 . What is the value of velocity?
a. 32.51
b. 24.31
c. 14.32
d. 2.31
c
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Assume a perfectly competitive firm is producing 500 units of output, P = $7, ATC of the 500th unit is $6, marginal cost of the 500th unit = $7, and AVC of the 500th unit = $5. Based on this information, the firm is:
A) earning an economic profit of $500. B) earning an economic profit of $1,000. C) incurring a loss of $500. D) incurring a loss of $1,000.
Which of the following is an example of a bank functioning as a financial intermediary?
a. Bank A, which has a vault facility where its clients can keep their valuable documents b. Bank B, which has an excellent reputation for stability and sound investment c. Bank C, which pays its employees better than average salaries d. Bank D, which provides many small businesses with start-up capital
?A widget costs $50 in the US and CAD$53 in Canada. The current exchange rate is 1USD=1.09CAD. At this rate,
a. ?The good costs more in the US b. ?The good costs more in Canada c. ?The good costs the same across the two countries d. None of the above
Suppose a firm uses workers and office space to produce output. The firm is locked into a year-long lease on its office space, but it can easily vary the number of employee-hours it uses each day. The accompanying table describes the relationship between the number of employee-hours the firm uses each day and the firm's daily output. Each unit of output sells for $2, the hourly wage rate is $14, and the rent on the office space is $50 per day.Employee-Hours Per DayOutput Per Day0014048091201516023200 What is the marginal cost of production between 80 and 120 units of output each day?
A. $70 B. $14 C. $1.75 D. $1.40