A theory is
A) built on the major factors or variables that the theorist believes explain some event.
B) a simplified abstract representation of the real world.
C) used to understand the real world.
D) a and b
E) a, b, and c
E
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Average variable cost is at a minimum when ______
A. marginal cost equals average variable cost B. average total cost is at a minimum C. marginal cost exceeds average fixed cost D. average total cost exceeds average variable cost
Consider the two graphs above. Suppose that final goods are assembled only when ordered and to satisfy the precise preferences of each consumer. This would ________ the desired level of inventories, as depicted in graph ________
A) increase; B B) increase; A C) decrease; B D) decrease; A
The cost disease of personal services causes
a. the cost of health care to rise faster than the economy's rate of inflation. b. legislators to blame declining standards of quality at public hospitals on greedy doctors or administrators. c. legislators to propose price controls on insurance. d. All of the above are correct.
Which of the following is NOT true about banks?
A. Banks are tightly regulated by state and federal governments. B. Banks are required to keep a certain amount of cash reserves. C. Banks are sellers, not buyers, in the market for money. D. Banks are an example of a financial intermediary.