Which statement is false?
A. Had the stock market not crashed and the rest of the world not gone into a depression, the U.S. depression might have been avoided.
B. By the end of 1930 thousands of banks had failed.
C. By the first week in March 1933 every single bank in the United States had shut its doors.
D. None of the statements are false.
D. None of the statements are false.
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The production possibilities frontier model shows that
A) if all resources are fully and efficiently utilized, more of one good can be produced only by producing less of another good. B) a market economy is more efficient in producing goods and services than is a centrally planned economy. C) economic growth can only be achieved by free market economies. D) if consumers decide to buy more of a product, its price will increase.
A consumer chooses an optimal consumption point where the
a. marginal rate of substitution is maximized. b. rate at which the consumer is willing to trade one good for another equals the price ratio. c. price ratio is minimized. d. All of the above are correct.
A restaurant currently has two cooks and ten waiters. Cooks earn $10 an hour and waiters earn $5 an hour. The last cook added 40 meals served to total output, while the last waiter added 25 meals served to total output. In order to maximize the number of meals served with a fixed budget, the manager should
A. should use more cooks and fewer waiters because productivity per dollar is higher for cooks than for waiters. B. should use more waiters and fewer cooks because waiters are paid less than cooks. C. continue to use two cooks and ten waiters because output is being maximized. D. should use more cooks and fewer waiters because cooks are more productive than waiters. E. should use more waiters and fewer cooks because productivity per dollar is higher for waiters than for cooks.
Why are some long-run average cost curves steeper on the downward side than others?
What will be an ideal response?