For any firm, price always equals
a. average revenue.
b. marginal revenue.
c. marginal cost.
d. marginal profit.
a
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Which of the following equations correctly represents nominal exchange rate?
A) Nominal exchange rate = units of foreign currency/1 unit of domestic currency B) Nominal exchange rate = 1 unit of domestic currency/100 units of foreign currency C) Nominal exchange rate = 100 units of domestic currency/1 unit of foreign currency D) Nominal exchange rate = units of foreign currency/100 unit of domestic currency
Which one of the following statements about growth theories is CORRECT?
A) In the new growth theory, knowledge is not subject to diminishing returns. B) In neoclassical growth theory, technological progress is the result of rapid increases in saving and investment in capital per person. C) In classical growth theory, real GDP per person is unrelated to the subsistence real GDP. D) In classical growth theory physical resources are unlimited.
Which of the following is true for a competitive buyer?
A) AE = ME B) AE > ME C) AE < ME D) AE greater than or equal to ME
A normal good is a good for which demand increases as the
a. income of demanders increases b. price of the good increases c. price of close substitutes decreases d. total number of consumers decreases e. supply of the good increases