Are saving accounts money?
A. No, because counting saving accounts as money would double-count that money.
B. No, because they technically can't be used to buy goods and services.
C. Yes, because they can be used to buy goods and services.
D. Yes, even though they technically can't be used to buy goods and services.
Ans: D. Yes, even though they technically can't be used to buy goods and services.
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Economists use the term shocks to mean
A) unexpected government actions that affect the economy. B) typically unpredictable forces that have major impacts on the economy. C) sudden rises in oil prices. D) the business cycle.
What is the MRTS for a firm with the following production function , q = 200L0.5K0.5 with L = 4 and K = 16?
A) MRTS = -4 B) MRTS = -2 C) MRTS = -1 D) MRTS = -8