Markets require a physical location to permit sellers to supply money to buyers for goods and services.
Answer the following statement true (T) or false (F)
False
Markets exist wherever and whenever an exchange takes place, even in cyberspace.
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Efficiency is defined as minimizing waste.
Answer the following statement true (T) or false (F)
A nation with an official settlements balance of -$100 billion is likely to experience a:
A) balance of payments surplus and accumulate $100 billion in international reserves B) balance of payments deficit and accumulate $100 billion in international reserves C) balance of payments surplus and a decline of $100 billion in international reserves D) balance of payments deficit and a decline of $100 billion in international reserves
The equation for the balanced budget multiplier can be written as
a. (1/1 – b) – (b/1 – b). b. (1/1 + b) + (? b/1 – b). c. (1/1 – b) + (b/1 + b). d. (1/1 + b) – (b/1 + b).
Bob Edwards owns a bagel shop. Bob hires an economist who assesses the shape of the bagel shop's average total cost (ATC) curve as a function of the number of bagels produced. The results indicate a U-shaped average total cost curve. Bob's economist
explains that ATC is U-shaped for two reasons. The first is the existence of diminishing marginal product, which causes it to rise. What would be the second reason? Assume that the marginal cost curve is linear. (Hint: The second reason relates to average fixed cost)