In dollar value, the nominal GDP in the United States is
a. between 5 and 6 billion.
b. between 8 and 9 billion.
c. between 8 and 10 trillion.
d. between 13 and 15 trillion.
d. between 13 and 15 trillion.
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The study of economics
A. is a very narrow endeavor. B. is a way of analyzing decision-making processes caused by scarcity. C. focuses on how a business should function. D. is concerned with proving that capitalism is better than socialism.
If the Fed injects reserves into the banking system and they are held as excess reserves, then the money supply
A) increases by only the initial increase in reserves. B) increases by only one-half the initial increase in reserves. C) increases by a multiple of the initial increase in reserves. D) does not change.
The following is cost information for the Creamy Crisp Donut Company: Entrepreneur's potential earnings as a salaried worker = $50,000 Annual lease on building = $22,000 Annual revenue from operations = $380,000 Payments to workers = $120,000
Utilities (electricity, water, disposal) costs = $8,000 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Refer to the data. Creamy Crisp's explicit costs are: A. $286,000. B. $150,000. C. $94,000. D. $156,000.
Games can be judged according to the payoffs
A) as zero-sum, negative-sum, and positive-sum games. B) as collusive or noncollusive games. C) as competitive or noncompetitive games. D) whether all companies participate or not.