As long as marginal cost is decreasing, marginal product is
a. less than average product.
b. greater than average product.
c. equal to average output.
d. equal to total product.
b
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Private costs are:
a. the full resource costs of an economic activity. b. always less than social costs. c. the costs of an economic activity borne by the producer. d. all of these.
Monetary policy should be countercyclical, which implies that it should be loosened during a recession and tightened during periods of inflation
a. True b. False Indicate whether the statement is true or false
Reserves must be deposited in the Federal Reserve Banks by
A. only commercial banks which are members of the Federal Reserve System. B. all depository institutions, that is, all commercial banks and thrift institutions. C. state chartered commercial banks only. D. federally chartered commercial banks only.
Which of the following is a merit good?
A. Automobiles. B. Local telephone service. C. Electricity. D. Health care.