For a monopolist, marginal revenue ________ for all units of output except the first unit.
A. is greater than the price of output
B. is less than the price of output
C. is equal to the price of output
D. may be either greater than or less than the price of output
Answer: B
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Positive economic analysis answers what question?
What will be an ideal response?
Prior to 1877 business could not be regulated by the states because of:
a. lack of public support b. the fifth amendment c. the 10th amendment d. the due process clause e. all of the above
How are interest rates determined in the Keynesian model?
A. money supply, interest rates, government spending, supply, price and output B. money supply, interest rates, investment, demand, price and output C. money supply, savings, consumption, demand, price and output
Suppose that Ruritania has a fixed exchange rate versus the U.S. dollar
If foreign investors become convinced that the Ruritanian currency is overvalued, what actions might they take to profit from this conviction? Would these actions make it easier or harder for Ruritania to maintain the value of its currency versus the dollar? Why?