The "efficiency of the payments mechanism" refers to
a. the ease and speed of exchanging money for goods and services.
b. how fast member banks replenish required reserves.
c. how fast banks pay interest on deposit accounts.
d. how fast countries pay off foreign debts.
a
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When the marginal product curve is downward sloping, the average product curve
A) must also be downward sloping. B) might be either upward or downward sloping. C) must be upward sloping. D) must be horizontal.
As the amount of labor input increases ________. This means that the marginal product of labor (MPL) ________
A) the slope of the production function increases; goes up B) the slope of the production function falls; declines C) the slope of the production function falls; goes up D) the slope of the production function increases; declines E) none of the above