In an attempt to maintain the peso exchange rate in 1994, the Mexican central bank
A) purchased dollars and sold pesos. B) sold both dollars and pesos.
C) sold dollars and purchased pesos. D) purchased both dollars and pesos.
C
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The study of economics
A. is a very narrow endeavor. B. is a way of analyzing decision-making processes caused by scarcity. C. focuses on how a business should function. D. is concerned with proving that capitalism is better than socialism.
When income increases, the demand curve for X shifts rightward and the demand curve for Y shifts leftward. These shifts mean that
A) X and Y are complements. B) X and Y both normal goods. C) X is an inferior good and Y is a normal good. D) X is a normal good and Y is an inferior good.
Which of the following is not a condition required for a monopolist to price discriminate?
a. the demand curve facing the firm must be downward-sloping b. the firm must exhibit strong economies of scale c. there must be different groups of buyers with different price elasticities of demand d. the firm must be able to prevent reselling of the product e. the firm must have some market power
Based on the table for total, marginal, and average revenue, at what output quantity is total revenue maximized?
a. 1
b. 2
c. 3
d. 4