Why are resources considered limited?
A. Entrepreneurs do not invest enough of them.
B. There are not enough available so that everyone can have as much of them as desired.
C. Everyone has them, and they change.
D. There are so many that people must decide which ones to choose at any on
B. There are not enough available so that everyone can have as much of them as desired.
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A maximum limit set on the amount of a specific good that may be imported into a country over a given period of time is called a
A. voluntary export restriction. B. nontariff barrier. C. quota. D. tariff.
Suppose that the production function for the economy is Y = AK0.2L0.8. If the capital stock = 40,000, the quantity of labor = 10,000, and the efficiency index = 1, real GDP is
A) $13,195.08. B) $16,000.00. C) $16,946.34. D) $28,000.00.
A nation's standard of living is best measured by its
a. real GDP. b. real GDP per person. c. nominal GDP. d. nominal GDP per person.
Refer to the table. If a bank has checkable deposits of $45 million and reserves of $2 million, then its excess reserves are:
A. $0.35 million
B. $0.65 million
C. $1.35 million
D. $1.65 million