In the United States, the ________ has the official responsibility for foreign exchange intervention.
A. State Department
B. Treasury Department
C. International Trade Commission
D. Department of Commerce
Answer: B
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The relationship between the MPS and the MPC is such that
A. 1 ? MPC = MPS. B. MPC - MPS = 1. C. MPS/MPC = 1. D. MPC ? 1 = MPS.
An increase in market demand will cause an increase in industry output in the long run because
A. new firms enter the industry. B. new firms enter the industry and all firms increase their output. C. all firms decrease their output but more new firms enter. D. no firms enter but the existing firms increase their output.
The "law" of diminishing returns rests on the "law" of variable input proportions
a. True b. False Indicate whether the statement is true or false
Perfect competition requires that three conditions be satisfied
a. True b. False Indicate whether the statement is true or false