Refer to Table 19-17. What is nominal GDP in 2011?
A) $3,320 B) $3,690 C) $6,360 D) $7,035
A
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A cash withdrawal reduces deposits, reserves, and excess reserves in the banking system
Indicate whether the statement is true or false
Which of the following statements about the optimal solution to the consumer problem based on the Cobb-Douglas utility function is NOT true?
A) The cross-price elasticities of demand are zero. B) Both goods have downward sloping demand curves. C) Both goods are normal goods. D) The marginal utility of income may be negative.
In the short run, a monopolist will shut down when
a. average total cost is greater than price at all output levels b. average variable cost is greater than average fixed cost at all output levels c. price is greater than average variable cost at all output levels d. average fixed cost is greater than price at all output levels e. average variable cost is greater than price at all output levels
Forming a cartel is illegal in _____
a. the United States b. Canada c. India d. Australia