Under the gold standard, a country with a negative balance of trade would experience
A. an inflow a gold and higher prices.
B. an inflow of gold and lower prices.
C. an outflow of gold and higher prices.
D. an outflow of gold and lower prices.
D. an outflow of gold and lower prices.
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Bill ate four hot dogs at the baseball game. The first one tasted best, but he found that as he ate more hot dogs the amount of extra satisfaction he was receiving was beginning to fall. This would demonstrate
A. law of zero utility B. law of diminishing marginal utility C. law of total utility maximization D. law of diminishing costs
In the mid-1980s, the salaries of accounting professors with Ph.D.s increased dramatically. This resulted in an increase in enrollments in Ph.D. accounting programs
Since a Ph.D. degree in accounting may take at least four years to complete, the short-run elasticity of supply of accounting professors is A) greater than the long-run-elasticity of supply. B) less than the long-run elasticity of supply. C) equal to the long-run elasticity of supply. D) equal to the short-run elasticity of demand.
You are an analyst with a pee firm that makes DRAM memory chips. You must manufacture the chips before you know what the demand will be. Based on the below figure, if the demand is high with an 40% probability and low with a rfectly competitiv60% probability, the expected marginal revenue for a chip is
A) $1.00.
B) $2.00.
C) $1.80.
D) None of the above answers is correct.
A typical firm in the US economy would he classified as
a. Perfectly competitive. b. Imperfectly competitive. c. A duopolist d. An oligopolist