Which of the following is included in the study of macroeconomics?
a. Wage rate of college students. b. Prices of automobiles.
c. Unemployment in the nation. d. Price of silver and gold.
c
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Firms in a perfectly competitive market produce at minimum average cost in the short run and the long run.
Answer the following statement true (T) or false (F)
Billy’s Bean Bag Emporium produced 300 bean bag chairs but sold only 275 of the units it produced. The average cost of production for each unit of output produced was $100. The price for each of the 275 units sold was $95. Total profit for Billy’s Bean Bag Emporium would be
a. -$3,875. b. $30,000. c. $28,500. d. $26,125.
Refer to the following graph.
Marginal utility is:
A. negative between A and B. B. negative between B and C. C. negative between C and D. D. not negative anywhere along the total utility curve.
For many years after the Great Depression, economists believed a central bank policy of increasing bank reserves in response to a recession would be
A) largely ineffective. B) the opposite of what the circumstances required. C) useless unless it also raised interest rates. D) useless unless it was accompanied by declining prices.