Average total cost equals
A) the change in total cost divided by the change in output.
B) total fixed cost divided by output.
C) average fixed cost plus average variable cost.
D) total cost minus total variable cost.
E) average fixed cost plus average variable cost plus marginal cost.
C
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________ increases the size of the money multiplier
A) An open market sale of government securities by the Fed B) An increase in the currency drain ratio C) A reduction in the desired reserve ratio D) An open market purchase of government securities by the Fed E) An increase in the size of open market operations
Which of the following statements is correct?
A) The Fed has difficulty covering its normal expenses, but is reluctant to ask Congress for money. B) The Fed is dependent on the annual appropriations it receives from Congress. C) The Fed's profits are substantial, even when compared to the largest U.S. corporations. D) At one time the Fed made substantial profits, but falling interest rates have greatly reduced them.