Under the right circumstances, what resource can be used in the production of the skills of a talented gymnast?
A) Baseball bats
B) Wheaties
C) Poetry books
D) Cigarettes
E) All of the above.
E
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Through open market operations, the Fed
A) controls the demand for reserves, but not the supply of reserves, in the banking system. B) controls the supply of reserves and the demand for reserves in the banking system. C) controls the supply of reserves, but not the demand for reserves, in the banking system. D) has influence over, but cannot directly control, the supply of reserves and the demand for reserves in the banking system.
Exhibit 7-15 Long-run average cost
In Exhibit 7-15, economies of scale exist up to:
A. 500 units of output per week. B. 1,000 units of output per week. C. 1,500 units of output. D. 2,000 units of output.
If a central bank wants to keep the value of its home currency fixed in the foreign exchange market, then an increase in the demand for its home currency will lead the central bank to
A. sell its home currency. B. do nothing. C. sell foreign currencies. D. buy its home currency.
At the current production point on a nation's production possibilities frontier, the marginal benefit of a slice of pizza is 500 tacos while the marginal cost of producing a slice of pizza is 750 tacos
For the nation to produce at the point of allocative efficiency, what should be done?