Figure 8.3 shows a firm's marginal cost, average total cost, and average variable cost curves. At Q = 100, the total variable cost is:
A. $2,800.
B. $4,000.
C. $4,500.
D. $6,300.
Answer: B
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In the table above, Y is measured along the y-axis and X along the x-axis. The slope between points a and b is
A) 25. B) 4. C) 0.25. D) -0.25.
The proportion of deposits that banks are legally required to deposit with the central bank are called:
a. discount requirements b. deposit requirements c. reserve requirements d. monetary requirements
Among the people who are characterized below, who has the highest opportunity cost of leisure?
a. an attorney who earns $200 per hour and who plays golf during her leisure time b. a medical doctor who earns $210 per hour and who sleeps during his leisure time c. a retail clerk who earns $15 per hour and who watches TV during her leisure time d. a waiter who earns $12 per hour and who reads poetry during his leisure time
Which of the following statements is NOT an explanation of Leontief's paradox?
a. Leontief ignored the fact that the United States imports a variety of products rather than just one. b. He ignored the fact that U.S. labor is highly skilled. c. He ignored the importance of land as a factor in many U.S. exports. d. rade patterns in 1947 might have been affected by the fact that World War II had ended only two years earlier.