Figure 15.3 depicts a one-mile stretch of beach with 100 swimmers distributed evenly along the beach. There are two ice cream vendors - 1 and 2 - on the beach selling an identical product. If swimmers prefer to buy ice cream from the nearer vendor, what is the median location?
A. A
B. B
C. C
D. D
Answer: C
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In the long run, a perfectly competitive firm makes
A) a positive economic profit. B) zero economic profit. C) negative economic profit, that is, an economic loss. D) zero accounting profit. E) either a positive economic profit or a normal profit.
The government can meet its interest bill without having to levy taxes if it issues more bonds and if the
A) economy's real growth rate of output is greater than the real interest rate. B) economy's real growth rate of output is equal to the nominal interest rate. C) economy's real growth rate of output equals or exceeds its real interest rate. D) economy's nominal growth rate of output equals or exceeds its real interest rate.
Under perfect capital mobility and flexible exchange rates, monetary policy works through the
a. interest rate. b. exchange rate. c. exports. d. Both b and c e. None of the above
Other things the same, as the price level falls, which of the following increases?
a. lending and investment spending b. lending, but not investment spending c. investment spending, but not lending d. neither investment spending nor lending