A perfectly competitive firm has a total revenue curve that is
A) upward sloping with an increasing slope.
B) downward sloping with a constant slope.
C) upward sloping with a decreasing slope.
D) upward sloping with a constant slope.
D
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When there is market failure so that a market produces less than the efficient amount,
A) consumer surplus definitely is larger than when the efficient quantity is produced. B) the sum of producer surplus and consumer surplus is larger than when the efficient quantity is produced. C) there is a deadweight loss. D) consumers definitely lose and producers definitely gain. E) consumers definitely gain and producers definitely lose.
If the multiplier is 5, the MPC is
A. 0.1 B. 0.5 C. 0.2 D. 0.8
Which of the following types of financial institutions is required to belong to the Federal Reserve System?
A. national banks B. state-chartered banks C. savings and loan institutions D. credit unions
(amounts in billions of dollars)
According to the above table, net domestic product is
A. $11,811 billion. B. $12,531 billion. C. $11,892 billion. D. $11,998 billion.