When banks offer borrowers smaller loans than they have requested, banks are said to
A) shave credit.
B) rediscount the loan.
C) raze credit.
D) ration credit.
D
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In a short-run production process, the marginal cost is rising and the average variable cost is falling as output is increased. Thus,
A) average fixed cost is constant. B) marginal cost is above average variable cost. C) marginal cost is below average fixed cost. D) marginal cost is below average variable cost.
Suppose MPL = 20 and MPK = 40 and the rental rate on capital is $10 . If the level of production is currently efficient, the wage rate must be
a. $10 b. $5 c. $20 d. $40
In short-run macroeconomics equilibrium...
What will be an ideal response?
Lionfish is an aquatic invasive species in the southeastern U.S. and the Caribbean. Current removal policies focus on harvesting the lionfish for human consumption. However, a fishing license is required to fish in most southern states. Assume that the supply of fishing licenses is Qs = 50 + 0.05L + 40P, where L=lionfish population and P = price of a fishing license, and the demand for fishing
licenses is Qd = 1400 – 60P. What is the equilibrium price and quantity of fishing licenses when L = 10,000? A) P = $8.5, Q = 890 B) P = $13, Q = 620 C) P = $13.5, Q = 590 D) P = $13.5, Q = 591