Harmonization of standards can institutionalize a set of inferior standards
Indicate whether the statement is true or false
TRUE
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The marginal revenue curve of a monopolist is
a. a straight horizontal line. b. above the AR line. c. identical to the AR line. d. below the AR line.
The output effect states that if the price of a resource __________, output of the final product will __________.
A. rises; decline B. rises; increase C. falls; decline D. None of these choices are correct.
Which of the following products would be used in calculating GDP?
(A) Plastic manufactured in a factory in Kentucky and sold to toy manufacturers around the world to make plastic toys. (B) Cotton cloth manufactured in India and sold to clothes makers in the United States. (C) Toys manufactured in China at a factory owned by a U.S. company. (D) Cars manufactured in Tennessee at a factory owned by a Japanese automobile company.
According to the quantity theory of money, if an economy produces 5,000 units of output, its money supply equals $40,000 and the velocity of money equals one, then the price level will equal:
A. $0.13. B. $1.25. C. $8. D. $200.