A firm's fixed cost divided by its level of output is equal to its:
A. variable cost.
B. start-up cost.
C. explicit cost.
D. average fixed cost.
Answer: D
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The set of tangencies between isoquants and isocosts is the firm's
a. production function. b. returns to scale. c. output maximization curve. d. expansion path.
A bank's assets consist of $500,000 in total reserves, $1,600,000 in loans, and a building worth $1,200,000 . Its liabilities and capital consist of $2,000,000 in demand deposits and $1,300,000 in capital. If the required reserve ratio is 10 percent, what is the level of the bank's excess reserves? How much money could the excess reserves be used to create in the banking system as a result?
a. $200,000; $200,000 b. $200,000; $2,000,000 c. $300,000; $300,000 d. $300,000; $3,000,000
The first attempt by United States workers to organize on a permanent basis was by what Philadelphia group?
a. coal miners b. shoemakers c. bakers d. construction workers e. bankers
______________ is the amount of production provided per unit of a factor of production.
Fill in the blank(s) with the appropriate word(s).