In the above table, the total variable cost of producing 16 units of output is
A) $20.
B) $60.
C) $100.
D) $120.
C
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Policy coordination is difficult because each country
A) prefers to be the one to increase demand. B) prefers to be the one to appreciate its currency. C) prefers that other countries increase their demand. D) prefers to be the one to increase taxes. E) prefers that other countries increase taxes.
Why might the central bankers in emerging market economies focus more attention on a stable exchange rate than say the Federal Reserve or the European Central Bank?
What will be an ideal response?
Christina Romer's criticism of the belief that business cycles had moderated since World War II depended on the fact that
A. economists had left out important components of GDP, such as wholesale and retail distribution, transportation, and services, in their pre-World War II estimates. B. economists had ignored the roles of the government and international trade in mitigating economic fluctuations prior to World War II. C. estimates of the timing of business cycles since World War II had been inaccurate. D. misuse of historical data had caused economists to understate the size of cyclical fluctuations in the post-World War II era.
A firm will earn economic profits whenever:
A. Marginal revenue exceeds marginal costs B. Marginal revenue exceeds variable costs C. Average revenue exceeds average total costs D. Average revenue exceeds average variable costs