Total revenues reach a maximum when
A) demand is elastic.
B) demand is inelastic.
C) demand is unit-elastic.
D) price elasticity is at a minimum.
Answer: C
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Average fixed costs
A) are always rising with increases in production B) are dependent on marginal costs. C) are dependent on average variable costs. D) are always falling with increases in production.
The recent experience in Greece, Portugal, and Ireland make the euro
a. seem very unlikely to fail because of decreasing debt levels. b. seem very unlikely to fail because of increasing interest rates. c. seem somewhat likely to fail because of increasing debt levels. d. seem somewhat likely to fail because of increasing interest rates.
Which statement about loans is true?
a. Banks use their secondary reserves to make loans. b. When banks loan money to borrowers, they make the economy more liquid. c. By creating loans, banks decrease demand deposits. d. When a loan is made, the borrower experiences an increase in wealth.
Which of the following would not be part of the empirical approach when studying such questions as "Has abortion led to a decrease in the crime rate?"
A. Using models to structure the empirical study B. Creating informal models and hypotheses C. Using deductive reasoning D. Looking at the data