What are the twin goals of the Federal Reserve Bank?
a) Low unemployment and zero inflation.
b) No unemployment and stable prices.
c) Low unemployment and stable prices.
d) No unemployment and zero inflation.
Ans: c) Low unemployment and stable prices.
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Ellie and Jenny both brought grapes and crackers in their school lunches. If they have different marginal rates of substitution of grapes for crackers, their parents have not allocated lunch resources efficiently.
Answer the following statement true (T) or false (F)
Planned economies
a. can increase production rapidly but are likely to be inefficient b. can produce efficiently but can't guarantee consumers' needs are met c. can produce efficiently, but only at low levels of output d. can provide for all society's needs, but are likely to be inefficient e. none of the above
Usually, the shape of a firm's total variable cost curve primarily reflects the cost of
a. labor b. taxes c. energy d. depreciation e. raw materials
A manager wishes to estimate an average cost equation of the following form:C = a + bQ + cQ2whereQ is the level of output. Letting Z = Q2 and using least-squares estimation, the manager obtains the following computer output:
Given the above information, the value of R2 indicates that ________ of the total variation in C is explained by the regression equation.
A. 7679% B. 7.679% C. 76.79% D. 0.7679%