A managed float
a. is an attempt to maintain a stable exchange rate
b. is invariably unsuccessful
c. is invariably successful
d. is an attempt to let the price level float upward
e. is an attempt to get the interest rate to float upward
A
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Prices usually allocate resources efficiently because they allocate
A. consumption to the highest cost of good or service. B. resources to the lowest value good or service. C. consumption to the lowest value good or service. D. resources to the highest value good or service.
Marginal social cost is the
A) price a consumer pays for one more unit of a good. B) cost a producer incurs producing one more unit of a good. C) cost of producing one more unit of a good that falls on someone other than the producer. D) sum of the cost a producer incurs from producing one more unit of a good plus the cost of producing one more unit of a good that falls on someone other than the producer. E) same as marginal cost only if there is an external cost when the good is produced.
Nominal output is the _________ of goods and services, and real output is the _______ of goods and services .
A. dollar value; actual amount B. actual amount; dollar value C. actual amount; dollar value with inflation D. dollar value with inflation; dollar value
Jessica owns a company that makes pre-packaged sandwiches for convenience stores. The market price for a sandwich is $5 and Jessica is a price-taker. Her daily cost for making sandwiches is C(Q) = 2.5Q + (Q2/40) and her marginal cost is MC = 2.5 + (Q/20). How many sandwiches should Jessica produce each day?
A. 20 B. 40 C. 45 D. 50