In a perfectly competitive market, the average revenue curve of a firm is
A) the same as its total revenue curve.
B) the same as its demand curve.
C) the same its economic profits.
D) the difference between its total revenue curve and its marginal revenue curve.
Answer: B
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Compared to the U.S. production function, the European production function is
A) lower. B) the same. C) higher. D) lower than the U.S. production function at low levels of employment and higher than the U.S. production function at high levels of employment. E) higher than the U.S. production function at low levels of employment and lower than the U.S. production function at high levels of employment.
The top policy goal for Paul Volcker when he became chairman of the Federal Reserve's Board of Governors in 1979 was
A) increasing regulation of commercial banks. B) increasing employment. C) a low current account deficit. D) fighting inflation. E) increasing economic growth.
Bonds that are sold in a foreign country and are denominated in the country's currency in which they are sold are known as
A) foreign bonds. B) Eurobonds. C) equity bonds. D) country bonds.
Since 1929, the distribution of income in the United States has become:
a. substantially more equal. b. slightly more equal. c. slightly more unequal. d. substantially more unequal.