According to the text, which currency is expected to experience the most change in the upcoming years?
A) yen
B) yuan
C) euro
D) U.S. dollar
B) yuan
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Consider a consumer with a choice set that emerges from an exogenous income I. Suppose that, as a result of changes in a consumer's economic circumstances, the budget line rotates outward, with the vertical intercept remaining unchanged but the horizontal intercept shifting to the right. Demonstrate, using the budget line equation, how this could have happened if the price of the good on the horizontal axis did not change?
What will be an ideal response?
Define public goods. Give an example of a public good. Explain why private firms will not generally produce public goods
What will be an ideal response?
A firm will shut down if
a. it earns too little economic profit b. there are a large number of buyers and sellers c. it suffers an economic loss d. there is a change in tastes and preferences e. price is everywhere less than average variable cost
If the market power of a labor union enables it to offset the market power of an oligopolistic firm, this is called
a. monopolistic competition b. cartel pricing c. price discrimination d. contestable markets e. countervailing power