All points within the production possibilities frontier are
A) unattainable.
B) efficient.
C) inefficient.
D) profitable.
C
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Average total cost is equal to
A) average fixed cost + average variable cost. B) total cost รท quantity. C) the change in total cost when output changes by one unit. D) Answers A and B are correct. E) Answers A and C are correct.
In order for a bank to earn as much profit as possible, its excess reserves should be:
a. equal to its required reserves. b. as small as possible. c. less than its vault cash. d. growing at a constant rate.
Which of the following is true about perfect competition?
a. Since a perfectly competitive seller can sell all he wants at the market price, her demand curve is horizontal at the market price over the entire range of output that she could possibly produce. b. Because perfectly competitive markets have many buyers and sellers, each firm is so small in relation to the industry that its production decisions have no impact on the market. c. Perfectly competitive markets have easy entry and exit. d. All of the above are true about perfect competition.
In the United States, the purchasing power of money is determined by:
A. the underlying precious metals that back each unit of currency. B. the value of U.S. treasury bonds that back each unit of currency. C. its acceptability. D. Congress, which controls the money supply.