Since countries differ in the amount of economic activity that is transacted in organized markets,
a. some countries are more productive than others.
b. persons live better in some countries than others.
c. international comparisons of per capita GDP are often misleading.
d. comparisons between countries are totally impossible.
c
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The opportunity cost of an action:
a. is equal to the marginal cost of an action b. is equal to explicit cost c. is equal to the next best alternative forgone d. is the total cost of an action
The figure below depicts the short-run market equilibrium in a perfectly competitive market and the cost curves for a representative firm in that market. Assume that all firms in this market have identical cost curves.
The long-run market equilibrium quantity in this industry is:
A. 500. B. more than 700. C. 700. D. 300.
To promote rapid economic growth, the new growth theory would argue for increased scholarships in
A. women’s studies. B. deconstructionist literature. C. post-modern sociology. D. biology.
How does interbank foreign exchange trading work? What is being traded in the interbank part of the foreign exchange markets? What functions does it serve?
What will be an ideal response?