The Federal Reserve was created
a. in 1913 by Congress
b. as a result of the Great Depression
c. according to the standards enforced by NATO
d. by President Kennedy
a
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Which of the following is FALSE about services trade for India and China?
A) China exports more services than India does. B) India has a trade surplus in services. C) China has a trade surplus in services. D) India trades primarily information services and other business services.
A profit maximizing monopolist faces the following information: P = $4, MR = $2, MC = $1.50. The firm should
A. shut down. B. stay at its current level of output. C. decrease output. D. increase output.
What does willingness to pay measure?
a) the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it b) the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept c) the maximum amount a buyer is willing to pay minus the minimum amount a seller is willing to accept d) the maximum amount that a buyer will pay for a good
Suppose the accompanying figure shows the demand curve, marginal revenue curve and marginal cost curve for a monopolist.
At this monopolist's profit-maximizing level of output, deadweight loss equals ________.
A. $2,000 B. $1,000 C. $6,000 D. $4,000