According to the 2009 hamburger standard, the country with the most undervalued currency relative to the United States dollar was
A. China.
B. Norway.
C. Australia.
D. Japan.
A. China.
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Should economics be considered a science? Why or why not?
What will be an ideal response?
For a perfectly competitive firm, which of the following is not true at profit maximization?
A) Marginal revenue equals marginal cost. B) Price equals marginal cost. C) Market price is greater than marginal cost. D) Total revenue minus total cost is maximized.
Answer the following statement(s) true (T) or false (F)
1. The major categories of market instruments are: pollution charges, deposit/refund systems, subsidies, and pollution permit trading systems. 2. A payment or tax concession aimed at lowering the cost of abating is called a pollution charge. 3. Because polluters ignore the MEC of environmental damage linked to the production of a good, too few resources are allocated to producing that good. 4. A pollution charge follows the “polluter-pays principle.” 5. If production of a good generates an environmental negative externality, the effect of that externality is captured by the MEC of production.
The percentage change in the quantity supplied of a good or service when its price changes by one percent is:
A. price elasticity of supply. B. price elasticity of demand. C. cross-price elasticity. D. income elasticity of supply.