Total profit of a competitive firm can be found by multiplying profit per unit and units sold.
Answer the following statement true (T) or false (F)
True
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Transfer payments are not included in national income because: # randomize
A. Such payments are made to persons living abroad B. Double counting would result C. They are illegal D. There is no method to account for these
If China experienced capital flight, the supply of Chinese yuan in the market for foreign-currency exchange would shift
a. left, which would make the real exchange rate of the Chinese yuan appreciate. b. left, which would make the real exchange rate of the Chinese yuan depreciate. c. right, which would make the real exchange rate of the Chinese yuan appreciate. d. right, which would make the real exchange rate of the Chinese yuan depreciate.
The straight-line budget constraint indicated ____________ opportunity cost?
a. decreasing b. average c. increasing d. constant
Jimbo has a comparative advantage over Ned in producing a good if
A. Jimbo can produce more of the good than Ned can in a given time period. B. Jimbo has a lower opportunity cost of producing the good than does Ned. C. Jimbo has to trade off more than Ned does to produce the good. D. Jimbo has a higher opportunity cost of producing the good than does Ned.