A monopolist that is making a profit is producing where which of the following occurs?
A. P = MC.
B. P = AC.
C. MC = AC.
D. P > AC.
Answer: C
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From 1970 to 2006, average real income for the top 5% of U.S. households
A) decreased by more than 10%. B) remained virtually unchanged. C) increased by about 5%. D) almost doubled.
If the marginal product of a worker is 10 units and each unit of the good is sold for $5, the value of marginal product of the worker is:
A) $2. B) $5. C) $10. D) $50.
If the market basket of goods and services on which the CPI is based is $15,000 in the base year and $45,000 in the current year, the level of the CPI in the current year is _____.
Fill in the blank(s) with the appropriate word(s).
Using the money demand and money supply model, an open market purchase of Treasury securities by the Federal Reserve would cause the equilibrium interest rate to
A) increase. B) decrease. C) not change. D) increase if the economy is in a recession.