One problem associated with the gold standard was that
A) nations gave up control of their money supply.
B) there was an incentive for individuals to hold gold at all interest rates.
C) there was no fluctuation in exchange rates.
D) nations could not determine their current account balances.
Answer: A
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When firms accuse competitors of predatory pricing, they almost always use as evidence
A) arbitrarily allocated joint costs. B) the disappearance of competitors. C) the profits of their competitors. D) their own losses. E) the gap between price and marginal cost.
When using the economic efficiency approach to controlling air and water pollution, the government
a. forces each firm to produce emissions in the most cost efficient manner irrespective of its cost structure b. offers each firm the flexibility to reduce emissions in the most cost effective manner, given its unique cost structure c. offers each firm the option of choosing between the cost minimizing emission level and the profit maximizing emission level d. provides each firm with some fixed rules and then requires them to maximize profits given these fixed rules e. offers each firm the option of using marginal cost pricing and average cost pricing when determining the optimum emissions levels
What is projected to be the greatest source of US electricity production by 2040?
a) Coal
b) Natural Gas
c) Nuclear
d) Solar
e) Wind
A firm's fixed cost
a. does not vary with output. b. does not change between the short run and the long run. c. is generally a higher percentage of its total cost at high output quantities than at low output quantities. d. All of the above are true.