In order to make an optimal choice, we must use
A. percentage analysis.
B. total analysis.
C. average analysis.
D. marginal analysis.
Answer: D
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When there are external economies of scale, an increase in the size of the market will
A) increase the number of firms and lower the price per unit. B) increase the number of firms and raise the price per unit. C) decrease the number of firms and raise the price per unit. D) decrease the number of firms and lower the price per unit. E) not affect the number of firms, but will lower the price per unit.
When economists say wages are "sticky," they mean that they:
A. are slow to adjust to changes in the economy, and can cause unemployment. B. stick to current market trends, and adjust to equilibrium when changes in the economy occur. C. get stuck behind current market trends, and follow a typical two-week lag with changes in the economy. D. lead market trends, and other variables will stick to the wage rate and follow it closely.
Commercial bank reserves are an asset to commercial banks but a liability to the Federal Reserve Bank holding them.
Answer the following statement true (T) or false (F)
The supply curve shows the relationship between:
A. price and quantity supplied. B. production costs and the amount demanded. C. total business revenues and quantity supplied. D. physical inputs of resources and the resulting units of output.