Based on Scenario 6.1 above, value added in the United States is
A) $500.
B) $600.
C) $400.
D) $300.
E) None of the above.
C
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The extent to which the demand for a good changes when the price of a substitute or complement changes, other things remaining the same, is measured as the
A) income elasticity of demand. B) cross elasticity of demand. C) price elasticity of demand. D) price elasticity of supply. E) cross income elasticity of demand.
Which of the following is not an advantage to a country of choosing to fix its exchange rate against a major currency, rather than choosing a floating exchange rate?
A) Pegging reduces the uncertainty caused by currency fluctuations and thereby simplifies business planning. B) Pegging allows the country more flexibility in conducting monetary policy. C) Pegging insures that interest payments stemming from foreign loans do not fluctuate with the value of the currency. D) Pegging helps avoid inflation in imported goods caused by currency depreciation for countries with significant levels of imports.
Is it possible to have a production function that exhibits both a diminishing marginal product of labor and constant returns to scale? Explain
What will be an ideal response?
Monopolistic competition tends to lead firms to have wasted capacity. Why?