The fact that you may not know who your congressional representative is represents
A) rational ignorance on your part.
B) the rival nature of information.
C) inefficient oversupply of public servants.
D) the use of the median voter theorem.
A
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If regulators require a monopoly to earn zero economic profit, the monopoly will produce the quantity where
a. the marginal cost curve crosses the average cost curve. b. the marginal cost curve crosses the demand curve. c. the average cost curve crosses the demand curve. d. the marginal cost curve crosses the marginal revenue curve.
The fraction of each added dollar of income that is used for consumption is called the:
a. average propensity to consumer (APC). b. autonomous consumption rate (ACR). c. marginal consumption propensity (MCP). d. marginal propensity to consume (MPC).
You are a hotel manager and you are considering four projects that yield different payoffs, depending upon whether there is an economic boom or a recession. The potential payoffs and corresponding payoffs are summarized in the following table.ProjectBoom (50%)Recession (50%)A$20-$10B-$10$20C$30-$30D$50$50Which project has the lowest expected value?
A. A B. B C. C D. D
The rate at which two currencies can be traded for each other is called the ________ exchange rate.
A. real B. fixed C. nominal D. flexible