The figure below shows the demand curve, marginal revenue curve, marginal cost curve and average total cost curve for a monopolist. 
This monopolist maximizes its profit by producing ________ units per day and charging a price of ________ per unit.
A. 8; $6
B. 8; $14
C. 4; $6
D. 4; $18
Answer: D
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A record of all transactions between residents of the reporting country and residents of the rest of the world over a period of time is called the:
A) national income product accounts. B) balance of payments accounting system. C) accrual accounting system. D) none of the above.
Studies by the World Bank have underscored the successes of countries that have adopted trade liberalization policies
a. True b. False
Since it is always a negative number, economists use the convention of taking the absolute value of:
A. income elasticity of demand. B. cross price elasticity of demand. C. price elasticity of supply. D. price elasticity of demand.
Which of the following is true at the output level where average total cost is at its minimum?
A) Marginal cost equals average variable cost. B) Average variable cost equals fixed cost. C) Average total cost equals average fixed cost. D) Marginal cost equals average total cost.