Figure 17-12
At a world price of $1.00 in ,
a.
20 units will be exported
b.
20 units will be imported
c.
50 units will be exported
d.
50 units will be imported
e.
10 units will be exported
d
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If a perfectly competitive firm's average total cost is less than the price, then the firm
A) incurs an economic loss. B) makes an economic profit. C) makes zero economic profit. D) makes either zero economic profit or an economic profit depending on whether the marginal revenue is equal to or greater than the price. E) None of the above answers is correct because the relationship between the price and average total cost has nothing to do with the firm's profit.
Explain how and why an all-volunteer army may actually be cheaper than an army staffed with drafted soldiers
What will be an ideal response?
Double coincidence of wants is avoided if money is used as a:
A. measure of value. B. medium of exchange. C. standard of deferred payment. D. store of value
Utility theory assumes that marginal utility:
a. increases as an individual consumes more of a product. b. decreases as an individual consumes more of a product. c. is zero as long as the individual derives utility from the product. d. is constant as long as the individual derives utility from the product. e. is constant as long as the individual derives satisfaction from the product.