Marginal cost is defined by the slope of the total revenue curve
a. True
b. False
Indicate whether the statement is true or false
False
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A Japanese businessman opened an automobile showroom in Singapore this year. His income will lead to a(n) ________
A) increase in the GDP of Singapore B) decrease in the GDP of Singapore C) increase in the GDP of Japan D) decrease in the GDP of Japan
When the price of a good increases,
A) supply increases. B) quantity supplied increases. C) supply decreases. D) quantity supplied decreases.
Which of the following is not a reason why residents of other countries desire to acquire dollars?
a. foreigners need dollars to purchase U.S. goods and services b. dollars can be used as a safe way of storing value when the foreigner's own currency is unstable c. dollars are accepted as an international medium of exchange d. dollars can be used for cash gifts from foreigners to U.S. friends and relatives e. dollars are the only currency accepted in international transactions
It is possible for an economy to produce more than its potential level of output, at least for a short period of time
a. True b. False