When the firm produces zero output, its fixed cost is
a. zero
b. the same as its total cost
c. the same as its variable cost
d. the same as its marginal cost
e. infinite
B
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If the U.S. real exchange rate is 125, the U.S. price index is 140, and the Japanese price index is 165, what is the yen to dollar exchange rate?
A) 106.06 B) 125.65 C) 147.32 D) 184.80
When consumers do not view similar products as perfect substitutes, those products are called:
A. homogenous. B. complements. C. differentiated. D. normal.
What did the fiscal conservatives of the Eisenhower administration (1953–61) want?
(a) Balanced budgets and with manageable inflation (b) Inflation and budget surpluses (c) A balanced budget and high rates of interest (d) Laissez-faire economy
The property of society getting the most it can from its scarce resources is called
a. efficiency. b. equality. c. externality. d. productivity.