A macroeconomist would be interested in the
a. general rise of prices
b. decline of cheese prices
c. fluctuation of oil prices
d. sharp rise of coffee prices
Answer: a. general rise of prices
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When a firm is experiencing decreasing marginal costs, it could be because
a. The average costs are increasing b. The firm is going down its learning curve c. The firm's marginal productivity is increasing d. Both C and D
Suppose capital and labor must be used in fixed proportions to produce widgets and that the price elasticity of demand for widgets is zero. Then the wage elasticity of demand for labor by widget makers will be:
a. +1. b. -1. c. 0. d. infinite.
Insurance that protects individuals from the loss of their bank deposits: a. makes bank officials especially careful about the loans and investments they make
b. makes it virtually impossible for a bank to fail. c. is so costly that few banks can afford it. d. makes depositors less concerned about the safety of their money than the interest rate it is earning. e. was introduced as a direct result of the financial problems of the 1970s and 1980s.
If the marginal cost of the 100th unit is $3.25, the total cost of producing 100 units is $825, and the fixed cost is $500,
A. average variable cost is higher than marginal cost. B. marginal cost is falling. C. average variable cost is at its minimum. D. average total cost is increasing.