For perfectly competitive firms,
A. total revenue equals price.
B. marginal revenue equals price.
C. marginal revenue equals total revenue.
D. all of the above
Answer: B
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Suppose the value of the price elasticity of demand is -3. What does this mean?
A) A 1 percent increase in the price of the good causes quantity demanded to decrease by 3 percent. B) A $1 increase in price causes quantity demanded to fall by 3 units. C) A 1 percent increase in the price of the good causes quantity demanded to increase by 3 percent. D) A 3 percent increase in the price of the good causes quantity demanded to decrease by 1 percent.
In the open-economy macroeconomic model, if the supply of loanable funds shifts right, then
a. net capital outflow increases so the demand for dollars in the market for foreign-currency exchange shifts right. b. net capital outflow increases so the supply of dollars in the market for foreign-currency exchange shifts right. c. net capital outflow decreases so the demand for dollars in the market for foreign-currency exchange shifts left. d. net capital outflow decreases so the supply of dollars in the market for foreign-currency exchange shifts right.
Which of the following is included in the calculation of investment when measuring GDP?
A. changes in business inventories B. new home construction C. the purchase of new capital goods D. all of these
Refer to the information provided in Figure 4.4 below to answer the question(s) that follow.
Figure 4.4Refer to Figure 4.4. At the world price of ________ per barrel of oil, the United States imports 6 million barrels of oil per day.
A. $100 B. $125 C. $150 D. >$150