In the short run, a perfectly competitive profit maximizing firm that has not shut down
A) is operating on the downward-sloping portion of its AVC curve.
B) is operating at the minimum of its AVC curve.
C) is operating on the upward-sloping portion of its AVC curve.
D) is not operating on its AVC curve.
E) can be at any point on its AVC curve.
C
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If the 12-month interest rates for the United States and the United Kingdom are 6% and equal, and £1 = $2 in the spot market, then what do you expect the 12-month forward rate to be?
A) 2.10 B) 1.90 C) 2.00 D) 2.11
Within a game theory model, if a change in decision-making raises corporation A's profits by $50 and lowers corporation B's profits by $60, the game is a
A) negative-sum game. B) zero-sum game. C) positive-sum game. D) cooperative game.
Which of the following is not a problem associated with the U.S. federal budget process?
a. The congressional committee framework b. The lengthy budget process c. The failure to meet deadlines d. The lack of detail in the budget e. Uncontrollable budget items
Each of the following is an element of private enterprise, EXCEPT which one?
a. Government regulations b. Private property rights c. Competition d. Profits