If the price of garlic is represented by equation P = 25 - QD, then the corresponding quantity of garlic demanded is represented by the equation
A) QD = -25 + P. B) QD = P + 25. C) QD = P - 25. D) QD = 25 - P.
D
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Credit cards are NOT a part of the M1 or M2 money supply
Indicate whether the statement is true or false
Open-market operations, changes in reserve requirements, changes in the discount rate, and changes in the interest rate on reserves are known as
A) goals. B) intermediate targets. C) instruments. D) derivatives.
If a competitive firm finds that it maximizes short-run profits by shutting down, which of the following must be true?
A) p < AVC for all levels of output. B) p < AVC only for the level of output at which p = MC. C) p < AVC only if the firm has no fixed costs. D) The firm will earn zero profit.
Which of the following is true?
a. Efficiency refers to the size of the economic pie; equality refers to how the pie is divided. b. Government policies usually improve upon both equality and efficiency. c. As long as the economic pie continually gets larger, no one will have to go hungry. d. Efficiency and equality can both be achieved if the economic pie is cut into equal pieces.