An increase in demand for a nation's currency in the foreign exchange market will:
a. cause the nation's currency to appreciate.
b. make it more expensive for the nation to import goods.
c. cause the nation's balance on current account to shift toward a surplus.
d. make it less expensive for foreigners to buy the nation's goods.
a
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Half of all your potential customers would pay $10 for your product but the other half would only pay $8 . You cannot tell them apart. Your marginal costs are $4 . If you set the price at $10, the expected profit is:
a. $3 b. $4 c. $5 d. $6
You and your friend go out shopping for television sets for your respective apartments. You find the one you want to buy and pay extra money to have it delivered during the weekend. Your friend is unwilling to pay extra and will wait for the television to be delivered as per the store's usual practice. Which of the following conclusions can be drawn from this information?
a. You have a higher price elasticity of demand for the TV than your friend. b. Your opportunity cost of time is higher and than your friend's. c. Your friend's opportunity cost of time is higher than your's. d. Both of you have the same price elasticity of demand for the TV.
When a single individual performs all the steps involved in the production process he/she incurs:
a. the costs of labor division. b. the costs of being a generalist. c. the cost of specialization. d. the costs of over-utilization of resources.
______________ is the total quantity of a good provided in a given period.
Fill in the blank(s) with the appropriate word(s).