If a firm is a price taker, its marginal revenue is:
a. equal to market price.
b. less than market price.
c. greater than market price.
d. a multiple of market price that may be either greater than or less than one.
a
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Which of the following is not assumed before the implementation of a policy? a. The appropriate policy is selected instantaneously
b. The appropriate policy is implemented instantaneously. c. Once implemented, the policy works as advertised. d. The policy, once implemented, works in no time. e. Lags that reduce the effectiveness of the policy are predictable.
Scarcity is a problem in economics because it means that
a. all economies will be poor b. we cannot produce all the goods we want c. consumers will not be able to consume all of the goods that producers have the capacity to produce d. we cannot produce all the food we would want e. the economy cannot improve its peoples' standard of living
The basic incentive problem associated with internal transfers is that:
A. divisional managers have only public information about opportunity costs. B. divisional managers have private information about opportunity costs. C. senior management make all information about opportunity costs public. D. senior management have private information about opportunity costs.
Who gains if inflation turns out to be higher than expected: the lender or borrower? What happens if inflation turns out to be lower than expected?
What will be an ideal response?