Managerial economics is best defined as
A) the study of economics by managers.
B) the study of the aggregate economic activity.
C) the study of how managers make decisions about the use of scarce resources.
D) All of the above are good definitions.
C
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What is economic freedom and why is it important for economic growth?
What will be an ideal response?
If there were no fractional reserve banking, then:
A. the reserve ratio must be 0percent. B. banks would not create money in the economy. C. there would be a very small amount of lending using deposits. D. banks would not be able to create as much money as they desired.
Profit-maximizing firms enter a competitive market when, for existing firms in that market,
a. total revenue exceeds fixed costs. b. total revenue exceeds total variable costs. c. average total cost exceeds average revenue. d. price exceeds average total cost.
Economic models explore decision making by individuals, firms and other organizations.
Answer the following statement true (T) or false (F)