In the determination of production of goods or services with respect to GDP, transfer payments are included

Commercial banks act as middlemen between savers and borrowers, therefore they are called _____

a. lenders of the last resort b. financial intermediaries c. banker's banks d. thrift institutions e. profitable institutions

When marginal costs are increasing:

A. a firm is experiencing diminishing returns. B. average cost is always increasing. C. average cost is always decreasing. D. marginal costs are always greater than average costs.