Which of the following is TRUE about the World Bank?
A. It is a U.S. agency that specializes in development loans.
B. It is a multinational agency that specializes in development loans.
C. It is made up of all central banks in the world.
D. It is a U.N. sponsored agency that specializes in development loans.
Answer: B
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Imagine that you are an entrepreneur, making designer t-shirts in your garage. Your total cost (in dollars) is given by the equation TC = 300 + 10Q, where Q represents the number of t-shirts you make. As you increase your production of t-shirts, your average fixed cost ________ and your marginal cost ________.
A. decreases; increases B. increases; decreases C. stays the same; increases D. decreases; stays the same
________: program that makes a payment to a farmer if revenue for all crops or a county's revenue for a crop falls below 86% of a revenue benchmark
Fill in the blank(s) with correct word
If a regulator sets the price equal to the natural monopolist's marginal cost,
a. the monopoly will experience a loss b. the monopoly will earn a profit c. the monopoly will earn zero profit d. consumers will be worse off than they would be if the firm's profit maximization activities were unregulated e. the monopoly will be better off than it would be if its profit maximization activities were unregulated
The invisible hand concept used to describe the guiding function of prices was developed by:
a. Henry George b. Milton Friedman c. Adam Smith d. John Kenneth Galbraith