Figure 5-5
Figure 5-5 shows a consumer budget line for french fries and hamburgers. The price of an order fries is $2. The price of a burger is
a.
$1.
b.
$2.
c.
$4.
d.
$8.
c
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At the current level of output, a firm's marginal cost equals 16 and marginal revenue equals 10. The firm
A) is producing the profit-maximizing amount. B) should produce more. C) should produce less. D) Not enough information.
Under the initial Bretton Woods system,
a. foreign currencies could be converted into U.S. dollars, which could be redeemed for gold at a rate determined by supply and demand b. foreign currencies could be converted into U.S. dollars, which could be redeemed for gold at a rate of $35 per ounce c. foreign currencies could be converted into gold at a rate determined by supply and demand d. foreign currencies could be converted into gold at a rate of $35 per ounce e. gold was the international medium of exchange
A static model is postulated when:
A. a change in the independent variable at time ‘t' is believed to have an effect on the dependent variable at period ‘t + 1'. B. a change in the independent variable at time ‘t' is believed to have an effect on the dependent variable for all successive time periods. C. a change in the independent variable at time ‘t' does not have any effect on the dependent variable. D. a change in the independent variable at time ‘t' is believed to have an immediate effect on the dependent variable.
What is MFN status? How does the WTO reconcile the principle of equal treatment with the preferential treatment created by regional trade agreements?
What will be an ideal response?