Refer to the above table. The table represents information on the costs for Ajax Corporation. Ajax operates in a perfectly competitive market and the price of the product is $7. What does profit equal when quantity equals 2?
A) $14
B) -$2
C) $16
D) $2
B
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In a two product two country world, international trade can lead to increases in
A) consumer welfare only if output of both products is increased. B) output of both products and consumer welfare in both countries. C) total production of both products but not consumer welfare in both countries. D) consumer welfare in both countries but not total production of both products. E) prices of both goods in both countries.
When a country experiences capital flight its currency
a. appreciates and net exports rise. b. appreciates and net exports fall. c. depreciates and net exports rise. d. depreciates and net exports fall.
If you divide the amount of nominal GDP by the stock of money, you have computed the
A. multiplier. B. price level. C. velocity of circulation. D. inflation rate.
Which of the following is a feature of a Dutch auction?
A. The auctioneer begins with a very high asking price. B. Bidders write their valuation in a paper simultaneously and separately. C. The winner pays the second-highest bidder's valuation. D. More than one bidder will announce their valuation.