All of the following are keys to economic development EXCEPT
A. minimizing "creative destruction."
B. open economies.
C. establishment of a system of property rights.
D. an educated workforce.
Answer: A
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Refer to Figure 12-9. At price P4, the firm would
A) shut down. B) lose an amount equal to its fixed cost. C) lose an amount less than fixed cost. D) make a profit.
The price-specie-flow mechanism
A) is an automatic mechanism for assuring external balance under floating exchange rates. B) is an automatic mechanism for assuring external balance under the gold standard. C) is an automatic mechanism for assuring internal balance under floating exchange rates. D) is an automatic mechanism for assuring internal balance under the gold standard. E) is an automatic mechanism for assuring internal balance under mercantilism.
If a manager's expected marginal revenue exceeds their expected marginal cost, which of the following is true?
A) The expected profit from producing another unit is negative. B) The manager is maximizing expected profit. C) To maximize expected profit, the manager should decrease production. D) To maximize expected profit, the manager should increase production.
In the case of a positive externality, social marginal cost will
a. exceed private marginal cost. b. be equal to private marginal cost. c. fall short of private marginal cost. d. have no specific relation to private marginal cost.