As units of input are added to the production process, the average product
a. rises and then declines.
b. declines and then rises.
c. remains the same.
d. is always greater than the marginal product.
a. rises and then declines.
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The winner of a sealed-bid first-price auction is the participant who bid the ________ and pays the amount of the ________.
A) highest; second-highest bid B) highest; bid C) second-highest; bid D) second-highest; second-highest bid
A functional relationship exists between two variables if the value of one variable depends on the value of the other variable
a. True b. False
If velocity = 4, the quantity of money = 20,000 . and the price level = 2.5, then the real value of output is
a. 2,000. b. 200,000. c. 12,500. d. 32,000.
Tenth National Bank holds $235,000,000 in checkable deposits and $25,500,000 in reserves. With a required reserve ratio of 10 percent, how much in excess reserves is Tenth National holding?
A) $20,000,000 B) $2,000,000 C) $220,500,000 D) $18,900,000