For a perfectly competitive firm, the marginal revenue curve has ________ point(s) in common with the firm's demand curve.
A. all
B. one
C. no
D. indeterminate from the given information
Answer: A
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Consider the following weekly production possibilities of gloves and hats in Panama and Russia:
Russia Panama Gloves 20 180 Hats 80 90 What is each country's opportunity cost of producing gloves and hats? If the countries could, should they trade?
In August of this year, Jack can best estimate the current year's GDP by:
A. adjusting the first two quarterly estimates of GDP for seasonal variation. B. taking an average of the last four quarterly estimates of GDP available. C. multiplying the most recent quarter's GDP estimate by four. D. looking back at previous years GDP in order to make an accurate projection.
Table 1.3 shows the hypothetical trade-off between different combinations of brushes and combs that might be produced in a year with the limited capacity for Country X, ceteris paribus.Table 1.3Production Possibilities for Brushes and CombsCombinationNumber of combsOpportunity Cost(Foregone brushes)Number of brushesOpportunity Cost (Foregone combs)J4 0NAK3 10 L2 17 M1 21 N0NA23 On the basis Table 1.3, what is gained from producing at point L rather than point K?
A. 10 combs. B. 7 brushes. C. 1 brush. D. 17 combs.
When the average price level in the United States, relative to the average price level in other countries, falls, this tends to
A. raise imports and exports. B. lower imports and exports. C. raise imports and lower exports. D. lower imports and raise exports.