Microeconomics is concerned with studying which of the following?
A. the effects of monetary policy
B. the determinants of national unemployment
C. the study of a nation's workforce
D. none of these
Answer: D
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A perfectly competitive firm's supply curve is its
A) marginal cost curve above its minimum average fixed cost. B) marginal cost curve above its minimum average total cost. C) marginal cost curve. D) marginal cost curve above its minimum average variable cost.
Suppose you purchase a bottle of vitamin water with a price of $3. The price of $3 best reflects the function of money as a ________, and when you take $3 out of your wallet to purchase the bottle, money is functioning as a ________
A) medium of exchange; standard of deferred payment B) store of value; unit of account C) unit of account; medium of exchange D) medium of exchange; store of value
According to Fishlow's (1972) work, the U.S. railroads before the Civil War were typically built "ahead of demand" by private capital
Indicate whether the statement is true or false
A central bank like the Federal Reserve in the United States can help banks survive a bank run by
A) printing money. B) acting as a lender of last resort. C) raising the discount rate. D) increasing the required reserve ratio.