A ____ total cost function yields a U-shaped average total cost function
a. cubic
b. quadratic
c. linear
d. a and b only
e. a, b, and c
d
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Refer to Figure 6-4. The absolute value of the price elasticity of demand at the midpoint of the demand curve is
A) one. B) at a maximum. C) at a minimum. D) zero.
The risk-free rate is usually approximated by interest rates on U.S. government debt, because the US government:
A. backs all loans secured with that rate. B. sets all policy concerning interest rates. C. is considered extremely unlikely to default. D. will never default on a loan that it makes.
Productivity increases, brought about by increased education and training, may shift the aggregate supply curve outward.
Answer the following statement true (T) or false (F)
Exhibit 19-4 Balance sheet of Tucker National Bank Assets Liabilities Required reserves$ 4,000 Checkable deposits$20,000 Excess reserves16,000 Loans 0 Total$20,000 Total$20,000 In Exhibit 19-4, the bank could make:
A. $1,000 in new loans. B. $4,000 in new loans. C. $16,000 in new loans. D. $20,000 in new loans.