A multinational agency that specializes solely in making loans to promote long-term development and growth in developing countries is the
A) Federal Reserve System.
B) World Bank.
C) International Monetary Fund.
D) International World Fund.
B
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The theory of monopolistic competition predicts that in long-run equilibrium a monopolistically competitive firm will:
a. produce at the level in which price equals long-run average cost. b. operate at minimum long-run average cost. c. overutilize its insufficient capacity. d. none of these.
If the costs of coordination and enforcement are _______________ the surplus lost to the externality, then ________________.
A. higher than; a private solution will not work B. lower than; a private solution will not work C. higher than; a private solution will work D. None of these statements is true.
If a one percent increase in the price of oranges leads to a five percent increase in the quantity supplied, the price elasticity of supply for oranges is ________.
A. 1/2 B. 5 C. 1/5 D. 2
Answer the next question(s) based on the following information for Manfred's Shoe Shine Parlor.Units of LaborTotal ProductMarginal ProductTotal Revenue00 11414$422 10 330 90435 539 1176 1267442132Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. If the wage rate is $11, how many workers will Manfred hire to maximize profits?
A. 1 B. 2 C. 3 D. 5