Refer to the scenario above. Which country is likely to have the highest rate of poverty?
A) Techland B) Ritzland C) Neoland D) Eduland
C
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Which of the following is ALWAYS true for a perfectly competitive firm?
A) P = MR B) P = ATC C) MR = ATC D) P = AVC
Suppose the money supply grew at an average annual rate of 8%, velocity was constant, the nominal interest rate averaged 9%, and output grew at an average annual rate of 3%. According to the quantity theory,
a. inflation averaged 8% per year and the real interest rate was 9%. b. inflation averaged 11% per year and the real interest rate was 17%. c. inflation averaged 5% per year and the real interest rate was 4%. d. inflation averaged 1% per year and the real interest rate was 6%.
If the production possibilities curve is a straight line:
A. the two products will sell at the same market prices. B. economic resources are perfectly substitutable between the production of the two products. C. the two products are equally important to consumers. D. equal quantities of the two products will be produced at each possible point on the curve.
A firm decreases its scale of operation and discovers that its long-run average costs decrease. Which of the following does this indicate?
A) Labor's marginal product has increased. B) Diseconomies of scale were absent in the larger plant. C) The firm's scale initially was so large that it experienced diseconomies of scale. D) The firm's scale initially was too small to experience economies of scale. E) Its long-run marginal cost was smaller with the larger plant than with the smaller plant.