Refer to Figure 7.1. At what level of output does average total cost equal marginal cost?
A) Q2
B) Q3
C) Q4
D) Q5
E) none of the above
C
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If this farmer is maximizing profit, then total profit is
A. $48.
B. $180.
C. $132.
D. $72.
If a bank has excess reserves of $15,000 and demand deposit liabilities of $80,000, and if the reserve requirement is 20 percent, then the bank has total reserves of
A) $11,000. B) $21,000. C) $31,000. D) $41,000.
Most of the public debt can be considered a public credit.
Answer the following statement true (T) or false (F)
Prostitution is legal in Churchill County, Nevada, but a referendum threatened to close two brothels (prostitution businesses) in that county. What idea from Chapter 1 of the text does this story best illustrate?
A. Sunk costs do not matter in making decisions. B. Microeconomics and macroeconomics are very much interrelated. C. Social and political forces sometimes rein in market forces. D. Marginal revenue should equal marginal cost