Gresham's Law
A) deals with the theory of regulatory forces in the economy.
B) is the tendency for good money to drive bad money out of circulation.
C) is the tendency for bad money to drive good money out of circulation.
D) was passed in 1913, as part of the Federal Reserve Act.
Ans: C) is the tendency for bad money to drive good money out of circulation.
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A Chinese worker started working in the U.S. and earned an income of $10,000 during a certain year. This will lead to a(n) ________ in the same year
A) increase in the GDP of U.S B) increase in the GNP of U.S. C) decrease in the GDP of China D) increase in the GDP of China
Suppose a firm in a competitive market produces and sells 150 units of output and earns $1,800 in total revenue from the sales. If the firm increases its output to 200 units, the average revenue of the 200th unit will be
a. less than $12. b. more than $12. c. $12. d. Any of the above may be correct depending on the price elasticity of demand for the product.