For productive efficiency to hold
A) average variable cost is minimized in production.
B) average total cost is minimized in production.
C) price must equal the marginal cost of the last unit produced.
D) price must equal marginal revenue of the last unit sold.
B
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Since October 2008, Congress has granted the Fed an authority to
A) pay banks interest on both required reserves and excess reserves. B) charge banks interest on both required reserves and excess reserves. C) charge banks interest on required reserves but pay them interest on excess reserves. D) charge banks interest on excess reserves but pay them interest on required reserves.
Using expansionary policies to combat a recession would
A) decrease discretionary spending. B) increase federal revenue. C) increase a budget surplus. D) increase a budget deficit.