For the typical student, taking an introductory course in economics should
a. turn the student into an economist.
b. teach the student solutions to most social problems.
c. teach the student how to answer complex social questions.
d. help the student learn to make rational decisions.
e. All of the above are correct.
d
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What strategic advantage compared to a Cournot Oligopoly results in the Stackelberg outcome?
A) the ability to move first B) the ability to set price C) the ability to set quantity D) the ability to make independent decisions by the Stackelberg leader
Transfer payments provide benefits to
a. all those in need b. those who have paid into governmental funds through their workplace c. those who are eligible recipients d. those who provide some service to the government e. anyone transferring from one stage of their life to another
Suppose we were analyzing the pound per Swiss franc foreign exchange market. If Switzerland's interest rate rises relative to England and nothing else changes, then the:
a. The supply of Swiss francs in the foreign exchange market falls, and the demand for Swiss francs in the foreign exchange market falls, causing an uncertain change in the value of the Swiss franc. b. The supply of Swiss francs in the foreign exchange market falls, and the demand for Swiss francs in the foreign exchange market rises, causing an appreciation of the Swiss franc. c. The supply of Swiss francs in the foreign exchange market rises, and the demand for Swiss francs in the foreign exchange market falls, causing an appreciation of the Swiss franc. d. The supply of Swiss francs in the foreign exchange market rises, and the demand for Swiss francs in the foreign exchange market rises, causing an uncertain change in the value of the Swiss franc. e. The supply of Swiss francs in the foreign exchange market rises, and the demand for Swiss francs in the foreign exchange market falls, causing a depreciation of the Swiss franc.
If a perfectly competitive firm is facing a situation where the price of its product is lower than the average total cost, which of the following statements is true?
A. Other firms will want to enter the industry because of the economic profits generated by the firm. B. The firm may earn economic profits in the long run if it expands its plant in order to exploit economies of scale. C. The firm may be earning some accounting profits, but less than what it could earn elsewhere. D. The firm is generating a loss, and if things are not expected to improve the firm will leave the industry.