Refer to Figure 12-4. If the market price is $30 and if the firm is producing output, what is the amount of its total variable cost?
A) $7,200 B) $6,480 C) $5,400 D) $3,960
D
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An economist might emphasize that our everyday use of natural resources is the product of knowledge by saying:
A) "Money is the root of all that is good about the world." B) "Usable oil comes from our minds' innovations." C) "A bird in the hand is worth two in the bush." D) "You're fired."
Of all commercial banks, about ________ belong to the Federal Reserve System
A) 10% B) one half C) one third D) 90%
Those that believe that the recent period of slow growth is the new normal that we need to get used to
A. believe we have to hope for the best. B. believe we are on the cusp of a period of new (artificial intelligence-based) innovations. C. believe that the causes of older growth (increases in the labor force participation rate and the use of energy to replace people power) are still available. D. believe that the period of robust growth was actually just a historic anomaly.
Which phase of the business cycle would be most closely associated with an economic contraction?
A. recession B. peak C. trough D. recovery