If the stock of money is $250 billion, velocity is 5, and the price level is 10, what is real output?
A. $5 billion
B. $125 billion
C. $500 billion
D. $12,500 billion
Answer: B
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In general, individuals and nations should specialize in producing goods ________ other individuals or nations.
A. for which they have a lower opportunity cost compared to B. that they can produce more quickly than C. that they can produce less quickly than D. for which they have a higher opportunity cost compared to
Total fixed cost
A. varies with the level of output. B. has a downward-sloping curve. C. has an upward-sloping curve. D. is constant at all levels of output.
The seven members of the Board of Governors of the Federal Reserve System are:
A. appointed by the president with the confirmation of the Senate. B. elected by Congress from a slate of nominees provided by the president. C. appointed by the Senate Finance Committee. D. appointed by the presidents of the 12 Federal Reserve Banks.
Refer to Scenario 9.3 below to answer the question(s) that follow. SCENARIO 9.3: Investors put up $520,000 to construct a building and purchase all equipment for a new restaurant. The investors expect to earn a minimum return of 10 per cent on their investment. The restaurant is open 52 weeks per year and serves 900 meals per week. The fixed costs are spread over the 52 weeks (i.e. prorated weekly). Included in the fixed costs is the 10% return to the investors and $1,000 per week in other fixed costs. Variable costs include $1,000 in weekly wages and $600 per week for materials, electricity, etc. The restaurant charges $5 on average per meal. Refer to Scenario 9.3. Economic profit per week is
A. ?$400. B. $0. C. $600. D. $900.