In the production possibilities frontier depicted in the figure above, which of the following combinations of hats and bananas is unattainable?
A) 4 million pounds of bananas and 4 million hats
B) 2 million pounds of bananas and 5 million hats
C) 0 pounds of bananas and 6 million hats
D) 1 million pounds of bananas and 3 million hats
A
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Suppose that you have returned from your fishing expedition with 20,000 fish. The market price is $3 per fish. Your average fixed cost was $1 and your total variable cost was $5,000 . If the price jumps to $3.50 before you sell your first fish, how much extra profit, if any, do you earn?
a. c and d. b. Extra profit is zero. c. Extra profit is enough to cover half of the fixed cost of your next trip. d. Extra profit is enough to cover all of the variable costs of your next two trips. e. Extra profit is $45,000.
When a bank has a check drawn and cleared against it:
A. excess reserves in the banking system decline. B. the nation's total money supply falls. C. the bank's balance sheet does not change. D. the amount of required reserves the bank must have will fall.