Table 19-1
?
American Coal
British Coal
Cost per Ton
Cost per Ton
$150
£75
From Table 19-1, what is the exchange rate between the dollar and the pound?
A. 1 dollar is worth 2 pounds.
B. 1 pound is worth 2 dollars.
C. 1 pound is worth 1 dollar.
D. 1 pound is worth 50 cents.
Answer: B
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Since a monopoly faces a downward-sloping demand curve,
A. then, as Adam Smith wrote, “the price of monopoly is upon every occasion the highest which can be got.” B. price always exceeds average revenue. C. marginal revenue increases as output increases. D. the monopolist is a price maker.
If the price of potato chips increases, other things constant, demand for potato-chip dip will:
a. not change; only quantity demanded will change. b. increase, because the goods are substitutes. c. decrease, because the goods are substitutes. d. decrease, because the goods are complements. e. increase, because the goods are complements.
Which of the following events would produce an upward shift in the consumption function, other things being equal?
a. An increase in consumer wealth. b. A decrease in consumer wealth. c. A decrease in autonomous consumption. d. None of these.
At high levels of interest, borrowers will borrow ____ and suppliers will supply ____
a. more; less b. less; more c. less; less d. more; more