When the dollar price of a British pound is $0.75, it is correct to state that an American traveling in England will receive ________ pounds per dollar.
A. 1.33
B. 0.75
C. 75
D. 1.25
Answer: A
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The most important influence on a firm's demand for a factor of production is __________.
Fill in the blank(s) with the appropriate word(s).
In the treatment of American exports and imports, national income accountants
A. subtract exports, but add imports, in calculating GDP. B. subtract both exports and imports in calculating GDP. C. add both exports and imports in calculating GDP. D. add exports, but subtract imports, in calculating GDP.
In the short run, total costs equal
A. the sum of total fixed costs and total implicit costs. B. the sum of total fixed costs and total variable costs. C. the sum of total fixed costs and total explicit costs. D. the sum of total variable costs and total implicit costs.
Firms would not exist if
A) contracts were incomplete. B) residual income equaled normal profit. C) income was spontaneously earned. D) contracts were complete.