As output expands, the slope of the average total cost curve
a. stays negative throughout
b. stays positive throughout
c. is first negative and then positive
d. is first positive and then negative
e. is constant
C
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If the quantity of Harley-Davidson motorcycles demanded decreases by 10% when the price increases by 20%, the price elasticity of demand for Harley-Davidson motorcycles is:
A. -0.50 B. -2.0 C. -20.0 D. -10.0
Public goods face the
A. law of overproduction. B. free-rider problem. C. principle of rival consumption. D. exclusion principle.
If the dollar was initially valued at 20 rubles and its value rises to 23 rubles, then the value of a ruble (in terms of dollars) has _____________.
Fill in the blank(s) with the appropriate word(s).
How does a decrease in value of a country's currency relative to other currencies affect its balance of trade?
A) A decrease in value of a country's currency relative to other currencies reduces imports, raises exports, and increases the balance of trade. B) A decrease in value of a country's currency relative to other currencies raises imports, reduces exports, and increases the balance of trade. C) A decrease in value of a country's currency relative to other currencies raises imports, reduces exports, and reduces the balance of trade. D) A decrease in value of a country's currency relative to other currencies reduces imports, raises exports, and reduces the balance of trade.