When a firm is at its minimum efficient scale of operation, it produces the
A) maximum rate of output at which long-run average cost is minimized.
B) minimum rate of output at which long-run average cost is minimized.
C) maximum rate of output consistent with lowest long-run marginal cost.
D) minimum rate of output consistent with lowest long-run marginal cost.
Answer: B
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The members of Federal Reserve district bank boards of directors who represent the public interest are known as
A) Class A directors. B) Class B directors. C) Class C directors. D) Class D directors.
Strong evidence of convergence exists for ________
A) wealthy nations that belong to the Organization for Economic Cooperation and Development B) both rich and poor nations C) sub-Saharan African economies and the economies of North America D) European and Caribbean economies
If the short-run Phillips curve shifts to the right, we can conclude that:
a. the trade-off between inflation and unemployment has improved over time. b. the trade-off between inflation and unemployment has worsened over time. c. the inflation rate associated with any given level of unemployment has declined. d. the unemployment rate associated with any given inflation rate has declined. e. the trade-off between inflation and unemployment has remained unchanged.
If August futures for a commodity are currently trading at $9.30/bushel, and you expect the basis in July to be $0.30/bushel over the August futures, then you expect the July cash price to be:
A. $9.05/bushel under August B. $9.55/bushel over August C. $9.00/bushel D. $9.60/bushel