A government agency is having problems with personal telephone calls made during working hours. Because each minute of a personal call costs the agency $0.50 in wasted wages, it has decided to hire operators to monitor calls. The agency wants to hire the number of operators that will minimize the total cost of personal calls. 
Based on the above information, what is the most the agency would be willing to pay the fifth operator?
A. $100
B. $400
C. $200
D. $500
E. none of the above
Answer: E
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New Texas stadium was built with so that the team could sell "standing room only" tickets. People who buy these tickets can watch the game on televisions located around the facility or on catwalks that surround the stadium. Policing those fans (making sure they do not stand in the way of people who have seats) is costly. In that case, the MC curve would be
A. upward sloping. B. a backward L. C. downward sloping. D. a forward L.
Assuming that full employment of labor is considered 5 percent unemployment, in 1998 and 1999, the United States economy operated ____________ the production possibilities frontier.
Fill in the blank(s) with the appropriate word(s).
Which of the following functions does the Fed perform?
A. Printing money B. Holding bank reserves C. Providing loans to other countries D. All of the above are functions the Fed performs.
When recessions are the result of slowing growth in potential output, the government's best policy is to:
A. reduce government spending. B. promote saving and investment. C. decrease aggregate supply. D. increase aggregate demand.