Once marginal cost rises above the average cost,
a. Average costs will increase
b. Average costs will decrease
c. Average costs will stay the same
d. None of the above
a
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In an open economy, this country will ________ million bushels of corn. 
A. import 600 B. export 300 C. import 150 D. export 600
Refer to Figure 13-17. Suppose the firm is currently producing Qf units. What happens if it increases its output to Qg units?
A) It will move from a zero profit situation to a loss situation B) Its average cost of production will fall and its profit will rise. C) It will move from a zero profit situation to a profit situation D) It will be taking advantage of economies of scale and will be able to lower the price of its product.
Since 2010, the federal funds rate has been well below the rate suggested by the Taylor rule. A likely explanation for the discrepancy is that ________
A) the Fed's dual mandate prevents a close reliance on the Taylor rule B) policy makers decided that instability of the coefficients prevents the Taylor rule from having any role in policy decisions C) in the past, adherence to the Taylor rule led to policy mistakes D) all of the above E) none of the above
The charter of the Bank of the United States was not renewed in 1811 in part because:
a. Thomas Jefferson, who was president at the time, believed it to be unconstitutional. b. of years of general instability in the value of currency. c. of instability and uncertainty in the expansion of credit. d. of fears of foreign ownership and manipulation.