The primary advantage of mutual funds is that they
a. always make a return that "beats the market."
b. allow people with small amounts of money to diversify.
c. provide customers with a medium of exchange.
d. All of the above are correct.
b
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The following graph shows average fixed costs, average variable costs, average total costs, and marginal costs of production.
The average variable cost curve is represented by which curve?
A. I B. II C. III D. IV
Refer to Scenario 7.8 below to answer the question(s) that follow. SCENARIO 7.8: A swimming pool cleaning company has the following production possibilities. With one, two, three, and four workers, the company can clean 5, 12, 17, and 20 pools per day, respectively. Refer to Scenario 7.8. The marginal product of the third worker is
A. 4. B. 5. C. 12. D. 17.
Relative to a competitively organized industry, firms acting collusively are more likely to produce
A. more output; charge higher prices, and earn economic profits. B. less output, charge lower prices, and earn economic profits. C. less output, charge lower prices, and earn only a normal profit. D. less output, charge higher prices, and earn economic profits.
The above figure shows the Lorenz curves for four different countries. If country C implemented a policy of redistribution from rich to poor, its Lorenz curve would
A) move toward country B's. B) move toward country D's. C) become positively sloped. D) move above the line of equality.