The summation of all individual firm marginal cost curves above the minimum of the average variable cost curve:
A. is the market shut-down point.
B. is the market demand curve.
C. is the market marginal revenue curve.
D. is the market supply curve.
Answer: D
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Which of the following correctly lists the three fundamental economic questions?
a. If to produce? Why to produce? When to produce? b. If to produce? What to produce? How to produce? c. Why to produce? What to produce? How to produce? d. What to produce? How to produce? For whom to produce?
People who often impose cost on the majority in order to benefit certain groups are called:
a. laissez-faire groups. b. encounter groups. c. fair-interest groups. d. special-interest groups. e. none of these.
If the reserve ratio is 20 percent and a bank receives a new checkable deposit of $100, this bank
a. must increase required reserves by $20. b. will initially see its total reserves increase by $200. c. will be able to make new loans up to a maximum of $20. d. will be allowed to make new loans of up to $100. e. all of the above are true.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, a decrease in unemployment may be represented by the movement from
A. B to A. B. C to D. C. B to D. D. A to C.