Official reserves used to achieve a balance of payments between nations engaging in international trade are held by:
A. Private businesses engaging in trade
B. Central banks of the nations engaged in trade
C. Commercial banks which make loans to businesses engaging in trade
D. Commercial banks which make loans to governments which engage in trade
B. Central banks of the nations engaged in trade
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If the average product of labor equals the marginal product of labor, then
A) the average product of labor is at a maximum. B) the marginal product of labor is at a maximum. C) Both A and B above. D) Neither A nor B above.
Stage III of the short-run Production Function is
A) the most efficient mix of inputs. B) the least costly level of output. C) where additional units of variable inputs will lead to less output. D) where additional units of variable inputs will lead to more output.
People from which nation in Europe were most likely to come to colonial North America as redemptioners?
a. Italy. b. Holland. c. Germany. d. France.
If Ming is willing to pay $75 to attend the Broadway production of The Lion King but actually pays $40, she receives a consumer surplus of $35
a. True b. False Indicate whether the statement is true or false