An example of money is:
A. a dollar bill.
B. a checking account balance.
C. a traveler's check.
D. All of these.
Answer: D
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Use the following graph showing cost curves for a perfectly competitive firm to answer the next question.
If the market price decreases to $0.55, the profit-maximizing quantity of output is
A. 0. B. more than 20, but less than 35. C. 20. D. 15.
Consider Figure 12.3. If the players choose independently, what will be the outcome?
A. Becky chooses a low price and David chooses a low price. B. Becky chooses a high price and David chooses a low price. C. Becky chooses a low price and David chooses a high price. D. Becky chooses a high price and David chooses a high price.
A country with a fixed exchange rate experiences upward pressure on the exchange rate value of its currency. The central bank chooses to intervene in the market to maintain its fixed exchange rate. How would the central bank go about intervening? If the upward pressure on the currency persists, would it be difficult to maintain the fixed exchange rate? Why or why not? Would your answers differ if the country carried out sterilized intervention? Why or why not? Give an example of a country that attempted to maintain its exchange rate in the face of upward pressure on its currency value. What was the result?
What will be an ideal response?
Inflation is an increase in
A. real gross national product. B. the price of one item. C. the overall price level. D. the average income level.