Refer to Figure 8.9. If the market price of hay falls to $18, then to maximize profits this farmer should produce
A) 350 bales of hay.
B) 500 bales of hay.
C) 750 bales of hay.
D) a level of output that is indeterminate from this information
A) 350 bales of hay.
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Reserves borrowed at the federal funds rate are usually repaid ________.
A. in one year B. the next day C. at the end of the month D. in five years
Goods produced in the United States and sold in other countries are called
A) imports. B) foreign goods. C) capital goods. D) exports. E) capital account goods.
Because women have a longer average life span than men, they are paid
A) higher monthly retirement benefits by a defined benefit pension plan. B) lower monthly retirement benefits by a defined benefit pension plan. C) the same monthly retirement benefits by a defined benefit pension plan. D) the amount of monthly benefits paid to men and women by a defined benefit plan is determined by each company.
A tradable allowance is:
A. the minimum amount set by the government that can be bought or sold in a market. B. a production or consumption quota that can be bought or sold. C. the permitted price for the trade of a particular good. D. None of these statements is true.