In the goods-and-services market, households
A. only supply.
B. only demand.
C. both supply and demand.
D. neither supply nor demand.
Answer: B
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Economic efficiency means
A) the same as technical efficiency. B) that all firms within a single competitive industry are producing at the same level of output. C) that it is impossible to increase the output of any good without lowering the total value of the output of the economy. D) that high-tech methods of production are the most efficient.
If Wisconsin cheddar cheese sells for $3.00 per pound in the United States and for 27.90 pesos in Mexico, what is the exchange rate between the dollar and the peso (assuming PPP holds)?
A. $1 = 2.79 pesos B. $1 = 7.90 pesos C. $1 = 9.30 pesos D. $1 = 27.90 pesos
A survey of income by county revealed that four of the five wealthiest counties were located in the suburbs surrounding Washington, D.C. Why?
Other things equal, a price discriminating monopolist will:
A. realize a smaller economic profit than a nondiscriminating monopolist.
B. produce a larger output than a nondiscriminating monopolist.
C. produce the same output as a nondiscriminating monopolist.
D. produce a smaller output than a nondiscriminating monopolist.