Which of the following most closely represents the share of total U.S. income that flows to the poorest 20 percent of all U.S. households?
a. 49 percent
b. 23 percent
c. 15 percent
d. 4 percent
d
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What does GDP measure, and what is the formula for calculating GDP using the expenditures approach?
What will be an ideal response?
The owner of a patented invention
A) may or may not have a legal monopoly. B) is guaranteed a profit since her idea cannot be copied. C) will always have demand high enough and costs low enough to ensure a profit. D) will only earn a profit if average total cost is less than price.
Economists assume that the goal of a firm is to
A) maximize economic profits. B) sell as many units as possible. C) maximize gross revenues. D) be the largest firm in its industry.
Actual reserves are equal to
A) required reserves plus fractional deposits. B) excess reserves plus liabilities. C) minimum balances plus desired reserves. D) government securities plus cash in the bank's vault. E) desired reserves plus excess reserves.