Temporary, short-term discount loans to banks in areas in which agriculture and tourism are important are known as
A) primary credit.
B) secondary credit.
C) seasonal credit.
D) repo loans.
C
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The principal-agent problem is a problem
A) of the power system of boss and subordinate where the boss (principal) exerts influence over his subordinates (agents) using punishment or threat. B) that exists when a person (principal) has more information about the task than the agent he hires to perform the task. C) caused by agents pursuing their own interests rather than the interests of the principals who hired them. D) caused by a person (principal) who hires an agent to act on his behalf but is unwilling to delegate authority to the agent to carry out the task in the best possible way.
In a perfectly competitive industry, an individual firm faces
A) a perfectly inelastic labor supply curve. B) a perfectly vertical labor supply curve. C) a perfectly elastic labor supply curve. D) none of the above.
As a firm hires more labor in the short run, the
A) level of total product stays constant. B) output per worker rises. C) extra output of an additional worker may rise at first, but eventually must fall. D) costs of production are increasing at a fixed rate per unit of output.
Answer the following questions true (T) or false (F)
1. The minimum point on the average variable cost curve is called the loss-minimizing point. 2. If a firm's fixed cost exceeds its total revenue, the firm should stop production by shutting down temporarily. 3. In the short run, a profit-maximizing firm will shut down if its total revenue is greater than its variable costs.