A wider use of charge accounts and credit cards have reduced the demand for "walking-around" money
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following explains why purchasing power parity may not hold perfectly in the long run?
A) Most countries have free markets with limited government regulation. B) Consumer preferences for goods and services across countries are very similar. C) Most countries do not impost trade barriers. D) Some goods and services produced in any country are not traded internationally.
The Acme Company is a perfect competitor in its input markets and a monopolist in its output market. The marginal product of labor is 20 and the price of Acme's output is $10. For Acme Company, the marginal revenue product of labor is
A) less than $10. B) $10. C) $20. D) less than $200. E) $200
Countries import goods in which they have:
a. an absolute advantage. b. a comparative advantage. c. a reputation for good product quality. d. a comparative disadvantage. e. a surplus domestic production.
In an oligopoly, the total output produced in the market is
a. higher than the total output that would be produced if the market were a monopoly and higher than the total output that would be produced if the market were perfectly competitive. b. higher than the total output that would be produced if the market were a monopoly but lower than the total output that would be produced if the market were perfectly competitive. c. lower than the total output that would be produced if the market were a monopoly but higher than the total output that would be produced if the market were perfectly competitive. d. lower than the total output that would be produced if the market were a monopoly and lower than the total output that would be produced if the market were perfectly competitive.