According to Adam Smith, a person should never attempt to make at home
A. what it will cost him more to make than to buy.
B. everything one person needs to live.
C. what one doesn't know how to make.
D. any necessity of life.
Ans: A. what it will cost him more to make than to buy.
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If the Federal Reserve sells $20 million worth of government securities and the M1 multiplier is 2.5. Bank reserves will
A) fall by $20 million. B) fall by $50 million. C) fall by $16 million. D) fall by $8 million.
This table represents the revenues faced by a monopolist.PriceQuantity SoldTotal RevenueAverage RevenueMarginal Revenue$1,0001$1,000 $9002$1,800 $8003$2,400 $7004$2,800 $6005$3,000 $5006$3,000 $4007$2,800 Using the information in the table shown, the marginal revenue:
A. decreases, then increases after the 6th unit. B. increases, then decreases as output increases. C. increases as output increases. D. is negative after the 6th unit.