f the Fed wants to increase bank reserves, it can:
A. Raise the discount rate.
B. Buy government bonds from the public.
C. Increase the minimum reserve ratio.
D. Decrease the money multiplier.
B. Buy government bonds from the public.
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Total profit is represented by the vertical distance between a total revenue curve and a total cost curve.
Answer the following statement true (T) or false (F)
A perfectly competitive firm faces a market clearing price of $150 per unit. Average variable costs are at the minimum value of $200 per unit at an output rate of 100 units. Marginal cost equals $150 per unit at an output rate of 75 units
It can be concluded that the short-run profit-maximizing output rate is A) 75 units, at which the firm earns zero economic profits per unit sold. B) 75 units, at which the firm earns $50 in economic profits per unit sold. C) 100 units, because marginal cost equals average variable costs. D) 0 units, because price is less than average variable costs.
People:
a. tend to specialize in those activities in which their opportunity costs are minimum b. tend to specialize in those activities in which their opportunity costs are maximum. c. never consider opportunity costs while deciding which activities to specialize in. d. consider only direct costs while deciding which activities to specialize in. e. do not behave in their own self-interest.
The concept of the "best" level of pollution suggests that: a. increased concerns about pollution control shifted the marginal social cost curve to the left
b. the opportunity cost of reducing pollution may sometimes exceed the benefit. c. unregulated markets generally reduce pollution to efficient levels with marginal social cost equal to marginal social benefit. d. none of the above