The amount of unemployment varies
a. little over time and across countries.
b. little over time but substantially across countries.
c. substantially over time but little across countries.
d. substantially over time and across countries.
d
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According to the table, the Big Mac would cost the same in Switzerland and the United States at an exchange rate of ________ Swiss franc for every one U.S. dollar
A) 0.86 B) 1.27 C) 1.36 D) 2.72
When production moves from the efficient quantity to a point of overproduction,
A) consumer surplus definitely increases. B) the sum of producer surplus and consumer surplus increases. C) there is a deadweight loss. D) consumers definitely lose and producers definitely gain. E) consumers definitely gain and producers definitely lose.
Normative economic analysis involves
A) true statements of facts only. B) testable hypotheses by scientists. C) value judgments and opinions. D) purely descriptive statements.
A firm is currently selling its product at $20 each. It estimates that its average total cost of production is $100 and its average fixed cost is $40. In the short run the firm should
A. continue production at a point where P = MC. B. hire more employees. C. shutdown. D. buy more capital.