In the short run a firm's lowest cost level of output is the minimum point on its ________ cost curve.
A. average total
B. average fixed
C. total variable
D. marginal
Answer: A
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Refer to Figure 4-1. If the market price is $2.50, what is the maximum number of ice cream cones that Kendra will buy?
A) 1 B) 2 C) 3 D) 4
When a bank receives a check drawn on an account from another commercial bank, the bank gains
A) capital equal to the amount of the check. B) capital equal to the required reserve ratio times the amount of the check. C) reserves equal to the amount of the check. D) reserves equal to the required reserve ratio times the amount of the check.
Say's law states that
A) supply creates its own demand. B) supply and demand are never equal. C) demand may be greater than supply. D) supply will usually be greater than demand.
What effect does restrictive monetary policy have on short-term real interest rates?
a. Restrictive monetary policy tends to push short-term interest rates upward. b. Restrictive monetary policy tends to push short-term interest rates downward. c. The effect of restrictive monetary policy on short-term interest rates is unpredictable. d. Restrictive monetary policy has no effect on short-term interest rates.