Which of the following constitutes the largest component of the world's international reserve assets?
A. Special drawing rights
B. International Monetary Fund reserve positions
C. Gold
D. Financial assets denominated in foreign currencies
Answer: D
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Refer to the figure above. If a per-unit tax of $3 is imposed on the sale of Good X, what is the tax revenue received by the government?
A) $20 million B) $10 million C) $12 million D) $60 million
To achieve allocative efficiency, firms
a. strive to minimize fixed costs b. strive to maximize profits c. produce at their minimum long-run average cost d. produce at their minimum long-run marginal cost e. produce the output consumers want most
What major historical event led to the most significant challenge to classical economic thinking?
a. The war on poverty b. The American Revolution c. World War II d. The Great Depression e. The oil shocks of the 1970s
Why is the marginal revenue product schedule a demand schedule for the individual firm in a purely competitive resource market and selling output in a purely competitive product market?
What will be an ideal response?