As output increases, total fixed cost
a. increases.
b. remains constant.
c. rises and then falls.
d. falls and then rises.
b. remains constant.
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The required reserve ratio is the
A) amount of excess reserves the bank holds just in case. B) total amount of reserves the bank holds in its vaults. C) total amount of reserves the bank holds at the Fed. D) amount of reserves banks are required by the Fed to be held as a percentage of the bank's deposits. E) amount of reserves banks are required by the Fed to be held as a percentage of the bank's loans.
Suppose the cost of flying a 100-seat plane for an airline is $50,000 and there are 10 empty seats on a flight. The average cost per seat is
a. $50. b. $500. c. $50,000. d. This cannot be determined from the information given.
The unemployment rate equals the percentage of the adult population that is unemployed
a. True b. False Indicate whether the statement is true or false
Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (L = 12, Q = 122) and (L = 13, Q = 130). Then the marginal product of the 13th worker is
a. 8 units of output. b. 10 units of output. c. 122 units of output. d. 132 units of output.