The members of Federal Reserve district bank boards of directors who represent the public interest are known as
A) Class A directors.
B) Class B directors.
C) Class C directors.
D) Class D directors.
C
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In the long run, firms will enter a perfectly competitive market if the existing firms are making:
A. a profit. B. negative profits. C. zero profits. D. Any of these could be true.
An increase in the supply of the product implies:
a. producers will now charge a higher price for a given quantity of output. b. the supply curve will shift to the left. c. some producers are dropping out of this market. d. producers will now charge a lower price for a given quantity of output. e. the price of this product has increased.
Refer to the above table. Suppose one country has a per capita real GDP of $1000 and another has a per capita real GDP of $10,000, or ten times larger. If both countries have a growth rate of 5 percent, how much larger will per capita real GDP be in the second country be than the first after 50 years?
A) 8 times larger B) 5 times larger C) 10 times larger D) 4 times larger
Suppose that production for good X is characterized by the following production function, Q = 4K0.5L0.5, where K is the fixed input in the short run. If the per-unit rental rate of capital, r, is $86.80 and the per-unit wage, w, is $20, then the average total cost of using 25 units of capital and 49 units of labor is:
A. $5.25. B. $31.00. C. $22.50. D. There is insufficient information to determine the average total costs.