In the used car market, there is perfect information when the seller knows that the car overheats after 30 minutes, but the buyer does not.
Answer the following statement true (T) or false (F)
False
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If the market price is $40, the average revenue of selling five units is
A) $8. B) $20. C) $40. D) $200.
When a single firm can produce output over the relevant range of demand more efficiently than two or more firms can, because of the existence of economies of scale, we have: a. perfect competition
b. monopolistic competition. c. diseconomies of scale. d. a natural monopoly.
Some economists argue that since inflation
a. raises the real value of fixed nominal wages, a little inflation may make it easier for labor markets to adjust. b. raises the real value of fixed nominal wages, a little inflation may make it harder for labor markets to adjust. c. reduces the real value of fixed nominal wages, a little inflation may make it easier for labor markets to adjust. d. reduces the real value of fixed nominal wages, a little inflation may make it harder for labor markets to adjust.
Gross debt differs from public debt because gross debt ______.
a. includes U.S. Treasury securities purchased by U.S. federal agencies b. excludes U.S. Treasury securities purchased by U.S. federal agencies c. includes debt held by foreign countries and private individuals d. excludes debt held by foreign countries and private individuals