It has been observed that a change in monetary policy in the United States
A. has only short run influences.
B. leads to corresponding changes in other countries.
C. has little or no effect on foreign markets.
D. impacts net exports.
Answer: D
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Refer to the table below. If the attorney reviews 51 patents, what is the expected marginal benefit of reviewing the 51st patent?
The above below shows the quantity of patents reviewed by a firm's attorney and the corresponding probability that the firm will infringe on another firm's patent. The cost of infringement is $50,000.
A) -$40,000
B) $4,000
C) -$4,000
D) $40,000
Considering the relevant market structures, which is an INCORRECT statement?
A) In a perfectly competitive situation, there is an extremely large number of firms. B) In pure monopoly, there is only one firm. C) In monopolistic competition, there is a large number of firms. D) In any market situation, the number of firms is not very important.
If price is less than average total cost, a firm
a. earns an economic profit b. hires additional workers c. moves its factory offshore d. fires the marginal worker e. suffers an economic loss
Milton Friedman argued that the economy is not in long-run equilibrium if the expected inflation rate __________ the actual inflation rate
A) is less than B) is greater than C) equals D) a and b