The economy's Current Account measures primarily
a. sources and uses of current income
b. income and outflow of payments for goods and services
c. tax receipts and government spending
d. changes in foreign exchange holdings
e. none of the above
B
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Year 2 nominal GDP is
A) $200. B) $270. C) $310. D) $390.
If a bank gets a $100,000 new deposit, chooses to lend out $85,000, and increases its excess reserves by $5,000 at the same time, then the reserve requirement is: a. 10%
b. 15%. c. 20%. d. unable to be determined from the information given.
Deadweight loss from monopoly power is expressed on a graph as the area between the
A) competitive price and the average revenue curve bounded by the quantities produced by the competitive and monopoly markets. B) competitive price line and the marginal cost curve bounded by the quantities produced by competitive and monopoly markets. C) competitive price line and the monopoly price line bounded by zero output and the output chosen by the monopolist. D) average revenue curve and the marginal cost curve bounded by the quantities produced by competitive and monopoly markets.
When an input represents a larger proportion of a firm's total costs, then
A) demand for the input will tends to be less elastic. B) the input demand will not vary significantly with a change in input price. C) the usage of the input cannot be varied in the production function. D) demand for the input will tends to be more elastic.