The year in which euro coins and paper currency were introduced and participating "euro zone" countries withdrew old domestic currencies from circulation was
A) 2007. B) 2002. C) 1999. D) 1995.
B
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If average variable cost exceeds average fixed cost at a particular level of output: a. Profits must be positive
b. That fact is meaningless for deciding the quantity of output to produce. c. It is more likely that the output level is low relative to the designed capacity of the production facility than that the output level is low relative to the designed capacity of the production facility. d. Both b and c. are likely true.
As the tax on a good increases from $1 per unit to $2 per unit to $3 per unit and so on, the
a. tax revenue increases at first, but it eventually peaks and then decreases. b. deadweight loss increases at first, but it eventually peaks and then decreases. c. tax revenue always increases, and the deadweight loss always increases. d. tax revenue always decreases, and the deadweight loss always increases.
In recent years, the amount of international trade in which the United States engages has
a. increased, raising domestic demand for unskilled labor. b. increased, reducing domestic demand for unskilled labor. c. decreased, raising domestic demand for unskilled labor. d. decreased, reducing domestic demand for unskilled labor.
Recently several food companies have adopted policies for "humane" treatment of animals to apply to providers of their meats. The food companies expect that their action will help differentiate their product from their competitors who have not adopted such policies. They expect that "differentiation" of their product will allow them to:
a) Do little to change their price because the food industry is a very competitive industry b) Lower price so they will be able to sell more product c) Raise price to cover higher input costs and get higher profit