Alan Garcia
A) in his first Presidency in Peru, followed free market economic policies.
B) nationalized the property of the financial services sector during his first Presidency.
C) was never freely elected in Peru and ruled with the support of the military.
D) maintained balanced budgets and helped Peru avoid the economic problems most Latin American nations were experiencing in the 1980s.
B
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Suppose a company increases production from a point where marginal cost equals average total cost to a point where marginal revenue and marginal cost are equal. Is it a good idea for the company to do this? Why?
a. No, average total costs have increased which means the company is not minimizing losses. b. Yes, because average variable costs are always less than average total costs. c. No, because the marginal cost of producing the last unit is the same as the marginal revenue. d. Yes, even though the previous level of output had minimized the average total cost, there was still profit to be earned by producing additional units. e. No, the previous level of output was the most efficient because it had the lowest average total cost.
_____ is the understanding that perfect information is not likely to be available, and that as a result, people make decisions that in hindsight look irrational, but in reality are the rational results of a brain that is economizing
a. Reasoning b. Parametric determinism c. Rational ignorance d. Bounded rationality e. Dynamic inconsistency
Carl is considering attending a concert with a ticket price of $35 . He estimates that the cost of driving to the concert and parking there will total an additional $20 . In order to attend the concert, Carl will have to take time off from his part-time job and forgo studying for an exam scheduled for the next morning. He estimates that he will lose 3 hours at work, at a wage of $6 per hour, plus
2 hours of study time. Carl's opportunity cost of attending the concert equals a. $73 plus the value of the higher exam grade he could earn by studying longer b. $73 c. $35 plus the value of the higher exam grade he could earn by studying longer d. $35 e. $55 plus the value of the higher exam grade he could earn by studying longer
In Perfect Competition in long run equilibrium:
a) The firm is productively efficient. b) The firm is allocatively inefficient. c) The firm is both productively efficient and allocatively efficient. d) The firm is productively inefficient.