The price charged by a perfectly competitive firm is determined by
a. each individual firm
b. a group of firms acting together as a cartel
c. market demand and market supply
d. the firm's total costs alone
e. the firm's average variable cost
C
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Molly needs 30 minutes to wash the car and 45 minutes to mow the lawn. Renee needs 1 hour to wash the car and 2 hours to mow the lawn. Which of the following statements is correct?
a. Molly has an absolute advantage in washing the car; Renee has an absolute advantage in mowing the lawn. b. Molly has an absolute advantage in mowing the lawn; Renee has an absolute advantage in washing the car. c. Molly has an absolute advantage in both tasks. d. Renee has an absolute advantage in both tasks. e. Neither woman has an absolute advantage in washing the car.
Assume the MPC is 0.625 . Assume there is a multiplier effect and that the total crowding-out effect is $12 billion. An increase in government purchases of $30 billion will shift aggregate demand to the
a. left by $60 billion. b. left by $36 billion. c. right by $68 billion. d. right by $36 billion.
What two numbers do you need to compute the unemployment rate?
A. The number of employed persons and the number of unemployed persons B. The number of unemployed persons and the number of discouraged workers C. The number of unemployed persons and the size of the population D. The number of persons in the labor force and the size of the population
In the late 1990s, Thailand, Malaysia, and Indonesia all experienced sharp declines in the value of their currencies; this resulted in economic instability and crisis. The collapse in the values of their currencies undermined their development by:
A. decreasing political instability. B. decreasing population growth. C. increasing corruption. D. reducing investment.