Refer to the above figure. Average variable costs are represented by curve
A. 1.
B. 2.
C. 3.
D. 4.
Answer: C
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Use the following diagram to answer the next question.
Which of the following would cause a move from MS1 to MS3?
A. The banking system decides to hold less excess reserves and make more loans. B. The reserve requirement is reduced by the Board of Governors. C. The Federal Open Market Committee decides to sell bonds. D. The discount rate is decreased by the regional Federal Reserve banks.
If the cross-price elasticity of demand is -3, then
a. the goods are substitutes b. one good is price inelastic c. one good is an inferior good d. one good is a luxury good e. the goods are complements
The purchases and sales of international reserve assets such as dollars, foreign exchanges, gold, and special drawing rights (SDRs) by a nation's central bank is recorded in the _____
a. current account b. capital account c. official reserve account d. savings account
John M. Keynes is best known for advocating:
(a) A policy of annually balancing the budget. (b) Deficit spending during some recessions. (c) Contractionary fiscal policy during a recession. (d) Expansionary fiscal policy during a boom.