Today, central banks __________ intervene to influence floating exchange rates
A) never
B) seldom
C) frequently
D) are required
C
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Answer the following statement(s) true (T) or false (F)
1. A competitive firm will exit an industry in the long run if the market price falls below the firm's break-even price. 2. For a competitive firm with a downward sloping marginal cost curve, the supply curve and the marginal cost curve look exactly the same 3. There is no reason for a competitive firm to stay in business if it is making zero economic profit. 4. A decrease in firms’ variable costs will cause the output of the market to decrease. 5. A technological advance that reduces firms’ variable costs will lead to higher profits in the long run of a perfectly competitive industry.
What is "crowding out"? Why is it important in discussions of fiscal policy? Use an appropriate diagram to illustrate your answer
At each point on an indifference curve:
A. money income is the same. B. the prices of the two products are the same. C. total utility is the same. D. marginal utility is the same.
Refer to the figure above. Which of the following is likely to happen if a price control above the equilibrium price is imposed?
A) Quantity demanded will exceed quantity supplied. B) Quantity supplied will exceed quantity demanded. C) Consumer surplus will increase. D) Producer surplus will decrease.