Using the seasonal business cycle as your guide, during which quarter would you be most likely to expect an increase in your corporation's sales?
A. The first quarter of the year (January-March)
B. The second quarter of the year (April-June)
C. The third quarter of the year (July-September)
D. The fourth quarter of the year (October-December)
Answer: D
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The Fed conducts an open market purchase of securities of $5,000. If the currency drain ratio is 0 percent and the desired reserve ratio is 10 percent, then the total increase in the quantity of money is
A) $4,000. B) $5,000. C) $20,000. D) $50,000. E) $10,000.
Suppose Tim's Cowboy boot factory produces in a perfectly competitive market. Suppose the average total cost of cowboy boots is $65, the average variable cost of cowboy boots is $60, and the price of cowboy boots is $62. If the firm is producing the level of output where marginal cost equals price, then in the short run the firm:
A. should shut down. B. should continue to produce since total revenue exceeds total variable cost. C. is earning a positive economic profit. D. can increase profit by increasing output.
Which of the following CANNOT be eliminated in a growing economy such as the U.S. economy?
A. relative poverty B. absolute poverty C. both absolute and relative poverty D. Neither absolute nor relative poverty can be eliminated.
A market where there is only one buyer for a good or service is called a monopoly.
Answer the following statement true (T) or false (F)