A leftward shift of the Japanese demand curve for foreign exchange will
a. increase the price of foreign exchange in Japan
b. decrease the value of the yen
c. make foreign goods more expensive in terms of yen
d. make foreign goods less expensive in terms of yen
e. make Japanese goods less expensive in terms of foreign exchange
D
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The inputs used to produce cupcakes (e.g., flour, sugar, butter, and labor) are also used to produce cookies, cakes, muffins, pies and many other goods. This suggests that:
A. the elasticity of supply of cupcakes is relatively low. B. cupcakes are a normal good. C. the supply curve for cupcakes is downward sloping. D. the elasticity of supply of cupcakes is relatively high.
A firm sells 300,000 units per week. It charges $ 35 per unit, the average variable costs are $40, and the average costs are $55 . In the short run, the firm should
a. Shut-down as the firm is making a loss of $15 million per week b. Shut-down as the firm cannot cover the variable costs c. Shut down because the price is lower than average cost d. None of the above
Competitive markets generally give consumers and producers correct incentives when
a. externalities are present in the market. b. property rights are well-defined and enforced. c. the good being produced and consumed is a pure public good. d. there is a substantial lack of information on the part of either buyers or sellers.
A firm has a fixed cost of $200 in its first year of operation. When the firm produces 99 units of output, its total costs are $4,000 . The marginal cost of producing the 100th unit of output is $700 . What is the total cost of producing 100 units?
a. $900 b. $4,200 c. $4,700 d. $4,900