Which of the following ideas of Adam Smith has religious overtones?
a. comparative advantage
b. aggregate demand
c. perfect competition
d. rational expectations
e. invisible hand
e
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When a new depositor opens a checking account at the First National Bank, the bank's assets ________ and its liabilities ________
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
The average cost curve
A. is the vertical summation of the AFC and the AVC curves. B. lies below the AVC curve. C. lies below the AFC curve. D. is the vertical summation of the MC and AVC curves.
Vertical contracts between manufacturers and retailers often aim to
a. Incentivize the manufacturers to undertake costly activities, which they otherwise may not realize the full benefits of on their own b. Reward the manufacturers for undertaking the risk inherent in introducing a new product c. Serve as a "signal" of the manufacturer's belief of the likely success of his product d. All of the above
The lower left-hand corner of a graph where the two axes meet is called the graph's origin
a. True b. False Indicate whether the statement is true or false