Recall the Application about the supply of shipping services to answer the following question(s).Recall the Application. The reason why the short-run supply curve for cargo is upward sloping is that its:
A. marginal cost is upward sloping.
B. market demand curve is upward sloping.
C. average fixed cost is upward sloping.
D. All of these are correct.
Answer: A
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In the two-period model with asymmetric information, a bank
A) creates money. B) keeps money safely. C) multiplies reserves. D) borrows and lends.
In the United States, all levels of government together spend about
a. one out of every three dollars paid for finished goods and services b. half of the dollars paid for defense spending c. the same amount as private citizens and corporations d. one out of every three dollars paid for education e. 80 percent of their budgets on transfer payments
Which of the following is associated with peaks in the business cycle? a. Relatively high levels of unemployment. b. Recessions
c. Relatively low levels of unemployment. d. Both answers a. and b. above are correct.
Transfer earnings of a factor is equal to its:
a. economic rent. b. explicit cost. c. actual earnings. d. overhead cost. e. opportunity cost.