Refer to the above figure. Which panel demonstrates the law of demand?
A. Panel A
B. Panel B
C. Panel C
D. Panel D
Answer: A
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In the short run, to decrease the interest rate, the Federal Reserve ________ the quantity of money by ________ government securities
A) decreases; buying B) increases; selling C) decreases; selling D) increases; buying E) None of the above answers is correct because in the short run, the Federal Reserve cannot change the interest rate.
The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total variable cost of producing 60 bikes?
A) $200 B) $300 C) $400 D) $500
Economists use the three-step method to determine whether a firm is generating economic profits, economic losses, or zero economic profits at the ______.
a. profit-maximizing level of input b. profit-maximizing level of output c. profit-minimizing level of input d. profit-minimizing level of output
Imports are goods and services that are produced:
A. and consumed in other countries. B. in other countries and consumed domestically. C. and consumed domestically. D. domestically and consumed in other countries.