Refer to the information provided in Table 25.7 below to answer the question(s) that follow.Table 25.7
Refer to Table 25.7. The required reserve ratio is
A. 8%.
B. 15%.
C. 20%.
D. 25%.
Answer: D
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Brokers, in contrast to security dealers
A) hold inventories of securities. B) make their income through commissions. C) make their living on the spread between the bid price and the asked price. D) buy and sell securities at given prices.
If a monopoly situation arises from a perfectly competitive market, the portion of producer surplus that increases in a monopoly is transferred from the perfectly competitive market's
A) fixed cost. B) long-run positive economic profit. C) deadweight loss. D) consumer surplus.
Figure 7-11
Figure 7-11 shows an average cost curve with points on it that correspond to three quantity levels. Which of the following statements must be wrong?
a.
The firm's technology may show increasing marginal returns as production increases from A to B.
b.
The firm may have positive fixed costs.
c.
As production expands from A to B to C, the firm may become increasingly difficult to manage efficiently.
d.
The firm's average fixed cost may rise as production increases from B to C.
Which of the following activities are production?
A. moving crude oil from one part of Texas to an oil refinery near the Texas coast B. combining flour, milk, and eggs to make cookies C. taking ice cubes from a tray to put in a drink D. All of these are production.