The quantity where TR-TC is the greatest is also the quantity where
A. MC=MR.
B. TR is maximized.
C. TC=TR.
D. TC is minimized.
Answer: A
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The exchange rate is the price at which the ________ of one country exchanges for the ________ of another country
A) currency; goods B) goods; goods C) currency; currency D) currency; financial instruments
The branch of economics that studies the economy as a whole is: a. normative economics. b. positive economics
c. microeconomics. d. macroeconomics.
For an imaginary economy, the consumer price index was 80 in 2014, 100 in 2015, and 140 in 2016 . Which of the following statements is correct?
a. If the basket of goods that is used to calculate the CPI cost $40 in 2014, then that basket of goods cost $60 in 2015. b. If the basket of goods that is used to calculate the CPI cost $25 in 2015, then that basket of goods cost $35 in 2016. c. The overall level of prices increased by 60 percent between 2014 and 2016. d. All of the above are correct.
Assume that the market clearing price for wireless earbuds is $10, but that the maximum price that can be charged is $9. This is an example of
A. a price control that will lead to a surplus of wireless earbuds on the market. B. a price ceiling that will likely lead to a shortage of wireless earbuds on the market. C. markets failing to ration a fixed quantity of wireless earbuds. D. a price floor that will lead to a shortage of wireless earbuds on the market.