For the cost function C(Q) = 50 + 4Q + 2Q2, the total variable cost of producing 7 units of output is:
A. 126.
B. 32.
C. 102.
D. None of the answers are correct.
Answer: A
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Suppose that there are five bottles of lemonade, each of which gives a consumer the same level of utility. According to the law of diminishing marginal utility, how can the consumer receive the highest utility?
a. Consume all five bottles in the next hour b. Consume all five bottles today c. Consume all five bottles in one day next week d. Consume two bottles today and three tomorrow e. Consume one bottle each day for the next five days
Discuss the dangers of inflation; that is, why may it hurt an economy?
Which of the following cities in NOT the location of a Federal Reserve Bank?
A. Salt Lake City B. Kansas City C. St. Louis D. San Francisco
Which of the following equations describes government saving?
A. T - TR + INT + G B. T - TR + INT - G C. T - TR - INT + G D. T - TR - INT - G