You are the manager of a firm that sells its product in a competitive market at a price of $50. Your firm's cost function is C = 40 + 5Q2. Your firm's maximum profits are:
A. 85.
B. 125.
C. 100.
D. 250.
Answer: A
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An industrial union can obtain a wage higher than the competitive level
a. without any change in total employment b. at the cost of a reduction in total employment c. and achieve higher total employment as well d. and achieve the same or higher total employment e. thus increasing the quantity of labor demanded
In the open-economy macroeconomic model, if there is currently a surplus in the foreign exchange market, the quantity of desired net exports will increase as the market moves to equilibrium
a. True b. False Indicate whether the statement is true or false
Which of the following is correct for the Irish economy?
(a) GNP=GDP-NFY. (b) GDP=GNP+NFY. (c) GNP=GDP+NCT. (d) GDP=GNP-NCT.
Each of the following would increase the supply of U.S. dollars, shifting the supply curve for dollars to the right, EXCEPT:
A. an appreciation of the U.S. dollar relative to other currencies. B. an increase in U.S. real GDP. C. an increased preference for foreign-made goods. D. an increase in the real interest rate on foreign assets.