Between the 1880s and the early 21st century, U.S. productivity increased at a constant annual rate
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following statements is the MOST accurate about the Law of One Price on Scandinavian ferry lines?
A) Due to menu costs, the Law of One Price does not hold. B) To avoid arbitrage opportunities, the Law of One Price must hold. C) Transaction costs of exchanging currency causes the Law of One Price to fail. D) Transportation costs between ferry lines leads to a violation of the Law of One Price. E) The physical distance allowed the Law of One Price to hold.
The criteria of Expected Monetary Value (EMV) is used for making decisions when
a. you are certain of the outcome. b. you have no knowledge of possible outcomes. c. you can assign a probability to each outcome. d. all of the above e. none of the above
In the long run, firms in a perfectly competitive market choose to produce a quantity:
A. that does not cover minimum average variable costs. B. where marginal costs are less than average variable costs. C. that earns zero economic profits. D. where ATC and AVC are at their minimum values.
The motive for the erecting trade barriers to import goods and services from abroad is to
A. improve economic efficiency in that nation. B. protect and benefit special interest groups in that nation. C. reduce the prices of the goods and services produced in that nation. D. expand the export of goods and services to foreign nations.