During periods of high inflation, people want to hold as much money as possible
a. True
b. False
Indicate whether the statement is true or false
False
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Olive oil producers want to sell more olive oil at a higher price. Which of the following events would have this effect?
A) an increase in the price of land used to plant olive trees B) an increase in the price of olive oil presses C) research finds that consumption of olive oil reduces the risk of heart disease D) a decrease in the cost of transporting olive oil to markets
Economic theory
a. is a set of definitions, postulates, and principles assembled in a manner that helps make cause-and-effect relationships clear in economics. b. is like a guidebook in that it points out what to look for. c. provides economists with a common language and way of thinking about how the world works. d. is all of the above.
Using time-series data, the demand function for a profit-maximizing monopolist has been estimated asQd = 142,000 - 500P + 6M - 400PRwhere Qd is the amount sold, P is price, M is income, and PR is the price of a related good. The estimated values for M and PR in 2014 are $25,000 and $200, respectively. The short-run marginal cost curve for this firm has been estimated as:MC = 200 - 0.024Q + 0.000006Q2Total fixed cost is forecast to be $500,000 in 2016. The firm's forecasted profit (loss) in 2016 is
A. a loss of $500,000. B. a profit of $908,000. C. a loss of $100,000. D. a profit of $100,000. E. a profit of $500,000.
Which of the following countries has the lowest export ratio?
A. Canada. B. Kuwait. C. Sweden. D. The United States.