Which currency is being valued in the following expression: $5/€?
a. Euro (€)
b. Dollar ($)
c. Both
d. None
.A
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The difference between GNP and GDP is explained by:
(a) Exports and imports; (b) The level of investment; (c) Net factor income from abroad; (d) None of the above.
Suppose Grandis and Immanis are the only two companies that sell the product whose market demand curve is shown in the accompanying figure. For both companies, both average total cost and marginal cost are constant and equal to $2 (ATC = MC = $2).
Suppose Grandis and Immanis agree to collude by both charging the price a monopolist would charge and each producing half of the monopolist's profit-maximizing level of output. Grandis, however, decides to cheat on the collusive agreement. If Grandis charges $1 less than the monopoly price while Immanis continues to charge the monopoly price, then Grandis will earn a profit of ________ per day.
A. $20 B. $40 C. $160 D. $80
If country A has a higher cost of producing good X than country B, then country:
B should impose a tariff on the exports of product X B has a comparative advantage in the production of product X A should impose a tariff on the imports of product X A has a comparative advantage in the production of product X
Economic historians date the start of the Industrial Revolution around the year 1776, when James Watt:
A. built the first factory for mass production. B. invented the steam locomotive. C. successfully lobbied British parliament for the enactment of patent legislation to protect new inventions. D. invented and built a more powerful and efficient steam engine.