Which statement is false?
A. President Eisenhower presided over three recessions.
B. At the close of the 20th century the unemployment rate was below 5 percent.
C. The United States' longest economic expansion was for six years during the Reagan Administration.
D. None of the choices are false.
C. The United States' longest economic expansion was for six years during the Reagan Administration.
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A firm is considering entering a market where demand for its product is Q = 100 - P. This demand function implies that the firm’s marginal revenue function is MR = 100 - 2Q. The firm’s total cost of producing the product for that market is TC = 500 + 10Q + Q2 which indicates that its marginal cost function is MC = 10 + Q. Indicate whether or not the firm should enter the market by calculating the firm’s profit (Hint: to find the price that the firm should charge, take the profit maximizing quantity and plug it into the demand equation). Describe how your previous answer would change if the firm’s total cost function became TC = 1000 + 10Q + Q2.
What will be an ideal response?
A gallon of milk costs $4 in Bonland. If the government fixes the price at $3.50, ________
A) the quantity demanded of milk will fall B) the quantity of milk supplied will increase C) a shortage of milk will occur in the market D) there will be an excess supply of milk in the market
Suppose an American worker can make 100 chairs or catch 900 fish per day. On the other hand, a Chilean worker, can make 40 chairs or catch 400 fish per day. The United States has an absolute advantage in the production of both fish and chairs. This means that the United States:
A. should produce only chairs and trade with Chile to get fish. B. should produce only fish and trade with Chile to get chairs. C. should take advantage of Chile by trading with them. D. can produce more fish and chairs than Chile given the same amount of workers.
An important factor in the choice of an exchange rate regime in low-income nations is:
A) the credentials of the finance minister. B) the extent of liability dollarization, which can cause contractions when the home currency depreciates. C) how dependent the nation is on imports, which must be financed by external borrowing. D) the price level and how it affects the interest rate level in the nation.