Suppose Woody's Cabinetmaking calculates the following information for each cabinet produced in a given month: P = $300; Q = 100; AFC = $10; AVC = $140 . Woody's total profit for that month is
a. $140
b. $150
c. $15,000
d. $30,000
e. impossible to determine
C
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Which of the following would be considered to be the most liquid?
A. money market mutual funds B. checkable deposits C. savings deposits D. small time deposits
A rent ceiling set below the equilibrium rent decreases the quantity of housing supplied because
A) landlords of previously barely profitable apartments refuse to rent them. B) the supply of housing increases. C) fewer tenants will search for housing. D) demand for housing will increase. E) the supply curve of housing immediately shifts leftward.
Which of the following has led to reduced use of ATMs?
A) some banks closing branches in low-income neighborhoods B) some banks charging fees for transactions performed by tellers that could be done by ATMs C) increased use of debit card transactions D) reductions in fees for overdrafts
The delay between when a policy action is taken and when they affect the economy is referred to as the
A) impact lag. B) action lag. C) recognition lag. D) policy lag.