Who is a producer?
a. a manufacturer of goods
b. a provider of financial backing
c. a buyer of goods or services
d. a provider of goods or services
Ans: d. a provider of goods or services
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For a perfectly competitive firm, average revenue is: a. equal to marginal cost at all levels of output
b. equal to marginal revenue at all levels of output. c. equal to price at all levels of output. d. characterized by both (b) and (c).
Which of the following can serve as a barrier to entry?
a. legal restrictions b. patents c. control of scarce inputs or resources d. all of the above
The government of a country, which has adopted American GDP accounting conventions, reported that seasonally adjusted GDP in quarter 3 was $48 billion at an annual rate. This means that the seasonally-adjusted market value of all final goods and services produced within this country in quarter 3 was
a. $4 billion. b. $12 billion. c. $16 billion. d. $48 billion.
To avoid the imposition of capital controls, a government wishing to keep its exchange rate at a certain level, may rely on:
a. forbidding all sales or purchases of foreign currency. b. asking the large banks to keep the prices at a certain level. c. asking for loans from the International Monetary Fund (IMF). d. intervention in the foreign exchange market to raise or lower the exchange rate.