Economies of scale refer to the
A. Reduction in minimum average costs due to an increase in the number of workers hired.
B. Reduction in minimum average costs due to an increase in plant size.
C. Downward-sloping portion of the average total cost curve.
D. Downward-sloping portion of the marginal cost curve.
Answer: B
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In the above figure, the short-run macroeconomic equilibrium is at the price level ________ and the real GDP level ________
A) 110; $16.5 trillion B) 120; $16 trillion C) 100; $16 trillion D) 110; $16 trillion
Refer to Figure 11.4. Which diagram illustrates the effect of an increase in the marginal propensity to consume?
A) A B) B C) C D) D
If one U.S. dollar can be exchanged for 5 Swiss francs, then 1 franc can be exchanged for:
a. 5 cents. b. 20 cents. c. 50 cents. d. 2 dollars.
M2 money includes all but which one of the following?
a. Checkable deposits. b. Savings accounts. c. Large denomination time deposits. d. Money market deposit accounts. e. Money market mutual accounts.