Average revenue is another way of describing
a. price
b. output
c. total revenue
d. profit
e. marginal cost
A
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________ in the foreign interest rate causes the demand for domestic assets to shift to the left and the domestic currency to ________, everything else held constant
A) An increase; appreciate B) An increase; depreciate C) A decrease; appreciate D) A decrease; depreciate
The Bretton Woods system
a. established a worldwide gold standard b. established a worldwide system of fixed exchange rates c. established a worldwide system of flexible exchange rates d. harmonized tariff systems e. was restricted to industrialized nations
It can be said that, ultimately, consumers are the driving force in answering the three basic economic questions. Explain the consumer's role in providing these answers
When can two countries gain from trading two goods?
a. when the first country can only produce the first good and the second country can only produce the second good b. when the first country can produce both goods, but can only produce the second good at great cost, and the second country can produce both goods, but can only produce the first good at great cost c. when the first country is better at producing both goods and the second country is worse at producing both goods d. Two countries could gain from trading two goods under all of the above conditions.