For a perfectly competitive firm, curve A in the above figure is the firm's
A) total fixed cost curve.
B) average fixed cost curve.
C) average variable cost curve.
D) total revenue curve.
D
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If the Federal Reserve ________ the required reserve ratio, the interest rate ________
A) lowers; rises B) lowers; falls C) raises; does not change D) raises; falls E) Not enough information is given because the effect depends also on the size of the monetary base.
The Philippines and Vietnam have roughly the same size population. Suppose the GDP of the Philippines is $1,000 billion and the GDP of Vietnam is $10,000 billion. You should conclude
A) it is not possible to make a good comparison of the economic well being of a typical individual in the 2 countries without additional information. B) a typical person in Vietnam is more than 10 times as well off as the typical person in the Philippines. C) a typical person in Vietnam is 10 times as well off as the typical person in the Philippines. D) a typical person in Vietnam is less than 10 times as well off as the typical person in the Philippines.