Figure 4-20
If there are empty seats at the university basketball game when the price per ticket is P*, then this situation can best be represented by which graph in Figure 4-20?
a.
1
b.
2
c.
3
d.
4
b
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Diminishing marginal returns to labor imply that
a. fixed costs will remain constant as the firm's output increases. b. the firm's short-run marginal cost curve will be upward sloping. c. the firm enjoys increasing returns to scale in the long run. d. the firm will be unable to earn short-run economic profit.
To a bank, a checkable deposit is classified as
A) an asset. B) a liability. C) vault cash. D) excess reserves. E) bank capital.
Professor Daniel Trefler at the University of Toronto concluded that Canada ________ from free trade with the United States because _______________.
a. gained; trade creation exceeded trade diversion with the United States b. lost; trade diversion exceeded trade creation with the United States c. first gained, then lost; trade diversion exceeded trade creation after NAFTA was fully implemented d. neither gained nor lost; trade creation equaled its trade diversion with the United States
The average propensity to consume is
A. real consumption expenditures divided by real disposable income. B. real disposable income divided by real consumption expenditures. C. real saving divided by real consumption expenditures. D. real consumption expenditures divided by real saving.