If Brazil's gross revenue from coffee exports doubles from one year to the next even though the number of bags of coffee exported declines 50 percent,
A) individual Brazilian coffee producers are price searchers.
B) individual Brazilian coffee producers have substantial market power.
C) the demand for Brazilian coffee is most likely elastic.
D) the demand for Brazilian coffee is most likely inelastic.
D
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The Smithsonian Agreement of 1971 was hailed by President Nixon as a fundamental reorganization of the international monetary system. In fact, what it accomplished was
A) the revaluation of the dollar. B) the devaluation of the dollar. C) the reduction of the gold content of the dollar. D) the elimination of gold backing for the dollar. E) Both B and C.
The IS curve shifts to the left when ________
A) autonomous consumption increases B) taxes increase C) autonomous investment increases D) all of the above E) none of the above
In the long run in a perfectly competitive market:
A. firms earn positive economic profits. B. firms operate at an efficient scale. C. supply is perfectly inelastic when all firms have the same cost structure. D. All of these are true.
Which of the following is not correct for an individual firm?
a. If the average variable cost (AVC) is decreasing, average total cost (ATC) must be decreasing. b. AVC reaches minimum before ATC. c. If ATC is increasing, AVC must be increasing. d. If AVC is increasing, marginal cost (MC) is increasing. e. If average fixed cost (AFC) is decreasing, ATC must be decreasing.