When graphed, total variable cost must
a. first slope down and then slope up
b. always have a positive slope
c. always have a negative slope
d. first slope up and then slope down
e. be a horizontal line
B
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To conduct open market operations, the FOMC issues a directive to
A) the trading desk at the Federal Reserve Bank of New York. B) the Board of Governors in Washington, D.C. C) the presidents of the district banks. D) the chairman of the New York Stock Exchange.
A downward-sloping demand curve shows:
a. the direct relationship between price and quantity supplied; as price increases, the quantity supplied increases. b. the inverse relationship between price and quantity supplied; as price increases, the quantity supplied decreases. c. the direct relationship between price and quantity demanded; as price increases, the quantity demanded increases. d. the inverse relationship between price and quantity demanded; as price increases, the quantity demanded decreases.
The graph depicts a monopolistically competitive firm.
Refer to the above graph. This monopolistically competitive firm is:
A. making a loss in the long run. B. making economic profit in the short run C. making economic profit in the long run. D. making a loss in the short run.
A car that is produced in 2018 is not sold until 2019. According to the definition of GDP, in which year's GDP should it be counted?
A) 2018 B) 2019 C) Half of the sales price will count as part of 2018 GDP and half will count as part of 2019 GDP. D) The production cost will count as part of 2018 GDP while the sales price will count as part of 2019 GDP.