Refer to Table 9-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many clocks will Denmark consume?
A) 270 B) 900 C) 930 D) 1,200
C
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A perfectly competitive firm is producing more than the profit-maximizing amount of its product. You can conclude that its
A) total cost exceeds its total revenue. B) average total cost exceeds the price of the product. C) marginal revenue is less than the price of the product. D) marginal cost exceeds the price of the product.
What is the substitution effect?
What will be an ideal response?
The key characteristic of oligopoly markets is "interdependence among firms." This means that: a. the demand curve faced by each firm is perfectly elastic
b. each firm produces a product identical to its rivals. c. each firm must consider how its decisions will affect its competitors. d. firms will be able to earn above-normal profits in the long run.
Which of the following statements about business cycles is correct?
a. Business cycles are always caused by demand-side effects b. Business cycles are always caused by supply-side effects c. Business cycles are always initiated by domestic-based shocks d. Business cycles are always initiated by foreign-based shocks. e. Business cycles can originate in the real, social, financial, and/or political sector.