Which of the following goods is most likely to be associated with monopolistic competition?
a. Gasoline
b. Milk
c. Cookies
d. Wheat
c
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If inflation in the United States is higher than in Japan, what will happen to the exchange rate between the U.S. dollar and the Japanese yen?
A. The dollar and yen will both depreciate. B. The dollar and yen will both appreciate. C. The dollar will depreciate and the yen will appreciate. D. The dollar will appreciate and the yen will depreciate.
In the long run, firms in many industries often experience a falling average total cost curve as a result of:
a. gains through trade. b. increasing marginal returns. c. economies of scale. d. lower fixed costs.
Which of the following best expresses the proceeds a lender receives from a one-year simple loan when the annual interest rate equals i?
A. FV/i B. PV/i C. PV(1 + i) D. PV + i
A production function shows the greatest amount that a firm will produce given the amount of labor input.
Answer the following statement true (T) or false (F)