In the short run, the horizontal sum of all of the marginal cost curves (above minimum average variable cost) of individual firms in a competitive market defines the
a. average variable cost curve
b. market demand curve
c. market supply curve
d. average total cost curve
e. total quantity demanded
C
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On a certain date the banking system had $2 billion in excess reserves. The legally required reserve ratio was 12.5 percent. Potentially, if these funds were fully loaned out, the banking system as a whole could increase the money supply by a maximum of: a. $0.25 billion. b. $2.5 billion
c. $12.5 billion. d. $16 billion
A tariff on imported goods produced by an unlimited industry could benefit the members of the domestic union since the tariff would most likely
A) lower the price of the output that workers purchase. B) lower the domestic production of the good and increase wages. C) increase the demand for domestic, union-made goods. D) decrease the cost of the imported goods.
Per capita GDP can be defined as
A. GDP per employed worker. B. GDP per unit of capital. C. GDP per person. D. GDP per unit of unemployment.
A perfectly competitive firm's marginal revenue is:
A. sometimes below and sometimes above the selling price. B. less than the selling price. C. greater than the selling price. D. equal to the selling price.