Exhibit 7-11 A firm's cost and marginal revenue curves
?
In Exhibit 7-11, the profit-maximizing output level at the price of $8 is:
A. 0.
B. 7.
C. 8.
D. 10.
Answer: D
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Which of the following is not one of the theories that have emerged as alternatives to the HO model?
A) The human skills theory. B) The product life cycle theory. C) The similarity of preferences theory. D) All of the above have been suggested as alternatives to the HO model.
When the dollar depreciates, each dollar buys
a. more foreign currency, and so buys more foreign goods. b. more foreign currency, and so buys fewer foreign goods. c. less foreign currency, and so buys more foreign goods. d. less foreign currency, and so buys fewer foreign goods.
An downward shift in a worker’s budget line is a result of
a. an increase in the wage rate. b. a decrease in the wage rate c. an increase in nonlabor income. d. a decrease in nonlabor income.
The study of the efficient allocation of the scarce means of production toward the satisfaction of human wants defines ______________.
Fill in the blank(s) with the appropriate word(s).