In a market, the rationing function of prices results in
A) long queues or waiting lines.
B) a price ceiling.
C) equilibrium.
D) a shortage or surplus.
C
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Average total cost equals
A) the change in total cost divided by the change in output. B) total fixed cost divided by output. C) average fixed cost plus average variable cost. D) total cost minus total variable cost. E) average fixed cost plus average variable cost plus marginal cost.
What is the title of the John Maynard Keynes's book published in 1936 that challenged the classical self-correction economic theory?
a. In the Long-run We Are Dead. b. Classical Economics Revised. c. General Theory of Employment, Interest, and Money. d. A Keynesian Approach to Economic Policy.
In the small country of Talisman, the liquor industry is monopolized by a single producer Best Drinks Inc Best Drinks charges high end customers like 5-star hotels a much higher price than it charges local pubs. Identify the correct statement from the following
a. Best Drinks is aware of the variations in the valuation of its products by different consumer segments. b. Best Drinks minimizes cost by charging different consumers different prices. c. Charging different prices for different consumers increases consumer surplus. d. Best Drinks charges different prices because its sole objective is sales maximization.
The Fed classifies different types of money depending on its:
A. liquidity. B. resale value. C. commodity back. D. intrinsic value.