Criteria for an optimum currency area include all the following except
A) fiscal transfers.
B) similar business cycle patterns.
C) extensive trade with each other.
D) a common language.
D
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Which is not an essential characteristic of a perfectly competitive market?
A. Goods are standardized. B. Buyers have perfect information. C. Goods from one seller cannot be distinguished from another's. D. Firms have limited market power.
What factors constitute the primary determinants of income?
What will be an ideal response?
The GDP tends to:
a) overstate economic welfare because it does not include certain nonmarket activities such as the productive work of housewives. b) understate economic welfare because it includes expenditures undertaken to offset or correct pollution. c) understate economic welfare because it does not take into account increases in leisure. d) overstate economic welfare because it does not reflect improvements in product quality.
Calculate the firm's total profit.
