When the marginal cost curve lies below the average cost curve, ________
A) the marginal cost curve is vertical
B) the marginal cost curve is horizontal
C) the average cost curve slopes downward
D) the average cost curve slopes upward
C
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The general answer to the question of choosing the scale of the variables is
A) dependent on you whim. B) to make the regression results easy to read and to interpret. C) to ensure that the regression coefficients always lie between -1 and 1. D) irrelevant because regardless of the scale of the variable, the regression coefficient is unaffected.
Which of the following is not an advantage of flexible exchange rates?
a. Flexible exchange rates provide businesses with protection against business risks associated with monetary base and the money supply changes. b. Flexible exchange rates provide businesses with protection against business risks associated with exchange rate changes. c. Flexible exchange rates absorb economic shocks. d. Flexible exchange rates allow a nation to pursue an independent monetary policy.
Assume both the demand for bagels and the supply of bagels increase. Which of the following outcomes is certain to occur?
A. The equilibrium quantity of bagels will rise. B. The equilibrium quantity of bagels will fall. C. The equilibrium price of bagels will fall. D. The equilibrium price of bagels will rise.
Which of the following is a characteristic of economics?
A) allocation of limited resources in an effort to satisfy potentially unlimited wants B) the focus on how people behave not in their own self-interest C) the way society deals with people's needs D) all of the above