Flexible exchange rates are more volatile than floating ones
a. True
b. False
B
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Of the following markets, which is most likely to be monopolistically competitive?
a. automobiles b. corn c. overnight package delivery d. air travel between a small city and a larger one e. fast food
Which of the following statements is true?
A. Marginal revenue product is the extra revenue generated to the firm from the production of one more unit of output. B. Marginal factor cost is the extra cost to a firm of employing one more unit of a factor of production. C. The demand curve for a perfectly competitive employer is horizontal at the market wage rate. D. The supply curve of labor is upward sloping because of the law of diminishing marginal productivity.
An indirect or inverse relationship between price and quantity demanded is
A) the market clearing price. B) a change in demand. C) a supply curve. D) a demand curve.
Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 2015 and $22 in 2016. If 2015 is the base year, Peg's contribution to real GDP in 2015 was ________ and in 2016 was ________.
A. $80,000; $88,000 B. $80,000; $90,000 C. $88,000; $90,000 D. $80,000; $99,000