According to the managerial efficiency theory of profit, above-normal profits can arise because of high-quality managerial skills
a. true
b. false
a
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If the equilibrium exchange rate is 15 pesos per dollar and the central bank fixes the exchange rate at 17 pesos per dollar then we can conclude that the peso is
(a) appreciated. (b) depreciated. (c) overvalued. (d) undervalued.
Suppose Kate's Great Crete (KGC) has annual variable costs of VC = 30Q + 0.0025Q2 and marginal costs of MC = 30 + 0.005Q, where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is Qd = 20,000 - 400P. What is KGC's average cost function?
A. AC = (50,000/Q) + 50 + 0.005Q B. AC = (20,000/Q) + 30 + 0.005Q C. AC = (50,000/Q) + 30 + 0.0025Q D. AC = 50,000 + 30Q + 0.0025Q2
Which of the following explains the rapid growth of the M2 money supply growth since the 1960s?
a. inflation b. the government printed more M2 money than M1 c. the introduction of money market mutual funds d. the introduction of money market mutual deposits e. sluggish stock market performance in the 1970s
An ______ is a graphical representation that shows the positive relationship between price and quantity provided.
a. individual supply curve b. individual demand curve c. individual equilibrium curve d. individual surplus curve