Suppose a cost function is TC = Aq3 + bq2 + cq + d. Then the total fixed cost is
a. Aq2 + bq + cq +d/q
b. Aq2 + bq + c
c. Aq3 + bq2 + cq
d. d
d
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The quantity theory of money states that increases in the money supply result in proportional increases in real GDP
a. True b. False Indicate whether the statement is true or false
One major advantage of money serving as a medium of exchange is that it allows society to
A. use credit cards instead of currency. B. measure the relative worth of products. C. escape the complications of barter. D. transfer purchasing power from the present to the future.
In 2013, the average person over age 65 covered by Medicaid cost the government
A. $15,483. B. $2,650. C. $938. D. less than the average cost of all Medicaid recipients.
Which of the following affects the amount of money a person is willing to hold?
A) The use of credit cards increases. B) The price level rises from 103 to 107. C) The interest rate that you earn on your savings account increases. D) All of the above are correct.