The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total variable cost of producing 60 bikes?
A) $200
B) $300
C) $400
D) $500
B
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In the long run, the level of output depends on the price level
Indicate whether the statement is true or false
Refer to the given figure where the nominal interest rate equals 6 percent and the money supply equals 600.
If the Federal Reserve wants to lower the interest rate to 4 percent, it must ________ the money supply to ________.
A. increase; 800 B. decrease; 800 C. decrease; 400 D. increase; 1,000
If the current level of GDP is below full employment, the level of GDP can be raised by:
A. increasing the money supply. B. raising taxes. C. reducing government spending. D. raising the interest rates.
Refer to the information provided in Figure 25.1 below to answer the question(s) that follow.
Figure 25.1Refer to Figure 25.1. A movement from Point B to Point A can be caused by
A. a decrease in the interest rate. B. a decrease in nominal income. C. an increase in the interest rate. D. an increase in the price level.