The typical total profit graphical presentation is shown as
A. a square.
B. a rectangle.
C. a hill, or mound.
D. an S curve.
Answer: C
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The profits of a proprietorship are
A) taxed at the same rate as the owner's other personal income. B) subject to a corporate tax. C) taxed as capital gains indexed for inflation. D) exempt from taxation.
Refer to Figure 2-6. If the economy is currently producing at point C, what is the opportunity cost of moving to point B?
A) 13 thousand hammers B) 30 thousand wrenches C) 23 thousand hammers D) 10 thousand wrenches
The slope of a typical isoquant is negative because to produce a given output, a producer
A) can use less of one input only if the productivity of that input increases B) will use more of one input only if the price of that input falls. C) will use more of one input only if it uses more of another. D) can use less of one input only if it uses more of another.
If the required reserve ratio is 10 percent, currency in circulation is $400 billion, checkable deposits are $1000 billion, and excess reserves total $1 billion, then the M1 money multiplier is
A) 2.5. B) 2.8. C) 2.0. D) 0.7.