The banking system in the U.S. is based on: A) 100 percent reserve banking. B) fractional reserve banking. C) 0 percent reserve banking. D) none of the above. ANSWER B
Date: September 10th, 2020
List the factors that influence supply. How does a change in each of the factors you have listed affect the supply curve? What will be an ideal response? ANSWER The factors that influence the supply of a good include the price of the good, input prices, technology, prices of related goods, producers’ expectations, and […]
Date: September 10th, 2020
When there are many goods is that in a barter system A) transactions costs are minimized. B) there exists a multiple number of prices for each good. C) there is only one store of value. D) exchange of services is impossible. ANSWER B
Date: September 10th, 2020
Kevin purchasing concert tickets with his debit card is an example of the ________ function of money. A) medium of exchange B) unit of account C) store of value D) specialization ANSWER A
Date: September 10th, 2020
So long as the absolute value of the price elasticity of demand for a firm’s output is greater than 0, the firm’s optimal markup factor will be positive as well. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
In the case of Thailand in 1997, the Thai government was running a large: A) current account surplus, requiring capital inflows from abroad. B) current account deficit, requiring capital inflows from abroad. C) current account surplus, requiring capital outflows. D) current account deficit, requiring capital outflows. ANSWER B
Date: September 10th, 2020
Countries that experience very high rates of inflation may also have A) balanced budgets. B) rapidly growing money supplies. C) falling money supplies. D) constant money supplies. ANSWER B
Date: September 10th, 2020
Unlike markup pricing, the strategy of price discrimination is totally independent of the price elasticity of demand for the good in question. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Whatever a society uses as money, the distinguishing characteristic is that it must A) be completely inflation proof. B) be generally acceptable as payment for goods and services or in the repayment of debt. C) contain gold. D) be produced by the government. ANSWER B
Date: September 10th, 2020
By continuing to operate when price is greater than average variable cost but less than average total cost, a firm limits its losses to: A) $0. B) its total fixed costs. C) the difference between its total fixed cost and the amount by which total revenue exceeds total variable costs. D) its total variable costs. […]
Date: September 10th, 2020
