The ¬_______ is a way to fix exchange rates by defining each participating currency in terms of gold and allowing holders of each participating currency to convert that currency into gold.
A. gold standard
B. silver standard
C. bronze standard
D. none of these
Answer: A
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When you get a car loan, the lending institution usually sends a check directly to the car dealer. Such a practice
A) helps forestall moral hazard. B) helps forestall adverse selection. C) gives rise to moral hazard. D) gives rise to adverse selection.
The relationship between quantity supplied and the price of output is such that
A) an increase in quantity will automatically lead to a reduction in price. B) an increase in price will lead to an increase in quantity supplied. C) an increase in price will produce an inward shift in the supply curve. D) quantity will decrease as the number of firms increases.
When demand curves shift to the left, buyers become less sensitive to price increases because they consume fewer of these goods
Indicate whether the statement is true or false
At its current level of production a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10 . At the market price of $12.50 per unit, the firm's marginal cost curve crosses the marginal revenue curve at an output level of 1,000 units. What is the firm's current profit? What is likely to occur in this market and why?