Figure 8.3 shows a firm's marginal cost, average total cost, and average variable cost curves. At Q = 50, the total cost is:

One News Wire article in the text has the title "Fed Cuts Key Interest Rate Half-Point to 1 Percent." The Fed has most likely reduced the:

A. Discount rate. B. Rate for purchasing bonds in the open market. C. Prime lending rate. D. Rate for foreign exchange.

For the period 1947-2012 in the United States, the price level was

A) acyclical. B) bicyclical. C) procyclical. D) countercyclical.