Two-dimensional graphs have a horizontal and a vertical axis and are used in economics to illustrate
A) relationships between two economic variables. B) a pie chart.
C) a flow chart. D) one variable.
A
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If a firm can adjust its employment of all inputs, then it is
a. experiencing economies of scale. b. in the long run. c. off its expansion path. d. limited only by the capacity of its fixed capital.
Anna's Antiques expects to get three bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If three bidders show up at the auction and all of them are high-value bidders, what would the winning bid be?
a. Just above $100 b. $100 c. Just above $70 d. $70
The price of hard drives used in the manufacturing of laptop computers has risen. This will lead to ________ laptop computers.
A. a decrease in the quantity supplied of B. an increase in the quantity supplied of C. a decrease in the supply of D. an increase in the supply of
Refer to the table. If the legal reserve ratio falls from 25 percent to 10 percent, excess reserves of this single bank will:
A. rise by $6,000 and the monetary multiplier will increase from 4 to 10.
B. rise by $60,000 and the monetary multiplier will increase from 4 to 10.
C. fall by $6,000 and the monetary multiplier will decline from 30 to 10.
D. fall by $2,000 and the monetary multiplier will decline from 10 to 4.