According to the text, over 40 percent of member nations of the International Monetary Fund have
A) a fixed exchange rate.
B) no separate legal currency.
C) an independently floating exchange rate.
D) a managed floating exchange rate.
A
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In monopolistic competition, in the short run a firm maximizes its profit by selecting an output at which marginal cost equals
A) average total cost. B) marginal revenue. C) price. D) zero.
You have an absolute advantage whenever you
A) are better educated than someone else. B) can produce something at a lower opportunity cost than others. C) prefer to do one particular activity. D) can produce more of something than others with the same resources.
Figure 4-22
Refer to . Suppose the same S and D curves apply, and a tax of the same amount per unit as shown here is imposed. Now, however, the buyers of the good, rather than the sellers, are required to pay the tax to the government. Now,
a.
the burden on buyers will be larger than in the case illustrated in .
b.
the burden on sellers will be smaller than in the case illustrated in .
c.
a downward shift of the demand curve replaces the upward shift of the supply curve.
d.
All of the above are correct.
Public choice economists hold that politicians will:
A. favor programs entailing immediate and clear-cut costs and vaguely defined or deferred benefits. B. follow policies leading to an optimal allocation of resources between public and private sectors. C. favor programs entailing immediate and clear-cut benefits and vaguely defined or deferred costs. D. objectively weigh the costs and benefits of various government programs and vote accordingly.