Figure 8.2 presents a firm's marginal cost, average total cost, and average variable cost curves. The firm minimizes average total costs by producing ________ units.
A. 50
B. 100
C. 150
D. 200
Answer: C
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The term "surplus" refers to a:
A. situation in which the quantity supplied is less than the quantity demanded. B. situation in which the quantity demanded is less than the quantity supplied. C. market that sells secondary goods. D. signal that producers need to increase the price of the good.
Which of the following statements is true concerning DRGs?
a. Soon after their implementation in 1983, the average length of stay in U.S. hospitals fell significantly. b. Hospital operating margins fell dramatically immediately after implementation of the program. c. The system encourages over-treatment of elderly patients. d. The system encourages physicians to over-diagnose. e. Both a and d are true.
A nation’s currency is said to depreciate when exchange rates change so that a unit of its currency can buy fewer units of foreign currency.
Answer the following statement true (T) or false (F)
A peak in the business cycle:
A. is a temporary maximum point. B. occurs when the inflation rate is its lowest. C. occurs when the unemployment rate is its greatest. D. is a temporary minimum point.