Which of the following is true if the total variable cost curve is rising?
a. Average fixed cost is increasing.
b. Marginal cost is decreasing.
c. Marginal cost is increasing.
d. Average fixed cost is constant.
c
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Inflation can be started by
A) a decrease in aggregate supply or a decrease in aggregate demand. B) a decrease in aggregate supply or an increase in aggregate demand. C) an increase in aggregate supply or an increase in aggregate demand. D) an increase in aggregate supply or a decrease in aggregate demand. E) an increase in aggregate demand or an increase in potential GDP.
Which expression below matches most closely the way economists go about testing their models?
A) "Consistency is the hobgoblin of small minds." B) "Seeing the results is the only way to know if you are right." C) "A bird in the hand is worth two in the bush." D) "In the long run we are all dead."
Excess reserves make a bank less vulnerable to runs, but bankers do not like to hold excess reserves because holding excess reserves
A. are disliked by depositors. B. means lower profits for banks. C. are discouraged by government regulators. D. All of these responses are correct.
The purpose of the IMF is to:
A. provide developing countries with short-term loans and technical assistance. B. determine monetary and fiscal policy in developing countries. C. determine exchange rates for developing countries. D. buy and sell the currencies of developing countries in order to stabilize their value.