ATMs and human bank tellers:
A. are substitute resources.
B. are capital goods.
C. have both declined in number because of bank mergers.
D. are complementary resources.
Answer: A
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Using the information in the table above, calculate the government's budget deficit or surplus
A) $2 B) -$4 C) -$10 D) $4
According to the classical model, a 10-percent increase in the money supply, holding everything else constant, will lead to
a. a 10% increase in prices, a 10% increase in the real wage, and a 10% increase in interest rates. b. a 10% increase in prices, a 10% increase in the money wage, and a 10% increase in interest rates. c. a 10% increase in prices, a 10% increase in the money wage, and no change in interest rates. d. a 10% increase in prices and no change in the money wage or interest rates. e. none of the above.
If market price is greater than or equal to the minimum of AVC but below the minimum of AC, then
A) the firm will shut down. B) the firm will operate because its loss is less than if it shut down. C) revenue is lower than variable costs. D) profit is positive and so the firm will operate.
Assume that the production of a good imposes external costs upon third parties. If the price and quantity of this good is set by supply and demand the price will be too:
a. high and quantity too low for efficient resource allocation. b. low and quantity too low for efficient resource allocation. c. low and quantity too high for efficient resource allocation. d. high and quantity too high for efficient resource allocation.