The price level is:
A. a measure of overall prices at a particular point in time.
B. the price of a specific good in comparison to the prices of other goods and services.
C. the percentage change in a price index such as the CPI.
D. the rate of inflation.
Answer: A
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The night before a midterm exam, you decide to go to the movies instead of studying for the exam. You score 60 percent on your exam. If you had studied the night before, you'd have scored 70 percent
What was the opportunity cost of your evening at the movies? A) 10 percent off your grade B) 60 percent C) 70 percent D) zero
A change in input prices has no impact on a firm’s budget line.
Answer the following statement true (T) or false (F)
The international agreement signed in 1947 to promote world trade by reducing tariffs and other barriers to international trade was called
A) GATT. B) NAFTA. C) WTO. D) Bretton-Woods agreement.
The annual membership fees of the 185 member countries of the IMF are called:
a. annuities. b. quotas. c. vetos. d. conditionalities. e. petrodollars.