GDP per capita is
a. GDP/GDP deflator.
b. GDP deflator/GDP.
c. population/GDP.
d. GDP/population.
d. GDP/population.
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A firm encounters its "shutdown point" when:
A) average total cost equals price at the profit-maximizing level of output. B) average variable cost equals price at the profit-maximizing level of output. C) average fixed cost equals price at the profit-maximizing level of output. D) marginal cost equals price at the profit-maximizing level of output.
Community-wide poverty:
A. is nonexistent in the developed world. B. creates problems beyond those faced by poor individuals living in wealthier communities. C. only creates problems in less wealthy countries. D. None of these is true.
An effective import quota will
a. increase the revenue received by the exporting nation b. eliminate all incentives for trade between nations c. reduce the quantity demanded of the imported good d. lead to a lower domestic price e. lead to a higher price in the exporting nation
An important effect of foreign currency speculators is that
a. they have consistently lost money and have left the market. b. they have pushed exchange rates to wider extremes than most economists predicted. c. they actually limit the volatility of exchange rate movements. d. they have had no effect at all on exchange rate volatility.