If the firm maximizes its profits, its marginal cost will be
A. $8.
B. $10.
C. $12.
D. $16.
A. $8.
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
If, in a competitive market, marginal benefit is less than marginal cost
A) the government must force producers to raise prices in order to achieve economic efficiency. B) the output is greater than the equilibrium quantity. C) the output is less than the equilibrium quantity. D) the net benefit to consumers from participating in the market is less than the net benefit to producers.
If you were told that the exchange rate between the U.S. dollar and the Canadian dollar was 1.2, that would mean that Canadians would have to spend ____ to buy a $12 watch in New York City
a. c and e b. 10 U.S. dollars c. 12 U.S. dollars d. 14.4 U.S. dollars e. 14.4 Canadian dollars
Which of the following is not one of the fundamental economic questions all societies must face? a. What goods and services are to be produced?
b. How goods and services are to be produced? c. Which goods and services are to be produced by the government? d. Who is to receive the goods and services produced in the society?