M2 is _______ M1
A. about five times as large as
B. about one and a half times as large as
C. a little smaller than
D. about one third the size of
E. about one eighth the size of
A. about five times as large as
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If one U.S. dollar could be exchanged for one Australian dollar in 1970, and one U.S. dollar can now be exchanged for 0.98 Australian dollars, which of the following is true?
A) The U.S. dollar gained value against the Australian dollar. B) The Australian dollar lost value against the U.S. dollar. C) The Australian dollar gained value against the U.S. dollar. D) Both A and C are true.
The table in the above figure shows the levels of output resulting from different levels of inputs. At which level of input are there constant returns to scale?
A) 400-600 units B) Constant returns to scale exist throughout all levels of production. C) Constant returns to scale do not exist at any level of production. D) No firm conclusions can be drawn.
Which of the following would be better purchased from one who specializes in making them or producing them yourself?
a. A remote control b. spaghetti sauces c. strawberry jam d. chocolate chip cookies
A typical firm in a perfectly competitive market made positive economic profits last period. This period,
A. market supply will increase. B. the firm's profits will increase. C. the firm will produce more. D. market price will rise.