External shocks to an economy include:
A. Innovation, population growth, and spending behavior.
B. Disruptions in trade, wars, and natural disasters.
C. Tax policy, government spending, and the availability of money.
D. Jobs, prices, and growth.
B. Disruptions in trade, wars, and natural disasters.
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Use the following graph to answer the next question.
The graph shows the cost curves for a perfectly competitive firm. If the market price of the product is $1.25 per unit, then the firm will produce how many units to maximize profits in the short run?
A. 15 B. 20 C. 0 D. 35
If we are comparing the price of regular gasoline with the price of super gasoline, then an increase in the relative price of regular gasoline implies that
A) the nominal price of regular gasoline increased. B) the nominal price of super gasoline decreased. C) the relative price of super gasoline decreased. D) the relative price of regular gasoline increased.
Inrecent years in China, the fraction of the population living below the international poverty line ($1.25 per person per day):
A. fell substantially. B. increased dramatically. C. increased more on average compare toother developing countries. D. fell to zero.
Refer to Figure 15-17. If this firm were able to perfectly price discriminate, which of the following areas would represent the profit to this perfectly discriminating monopolist?
a. ACG b. BCFE c. ABE d. EFG