Which of the following is not classified as a final good?
A. Fresh vegetables purchased by a restaurant
B. New clothing purchased by a college student
C. A new car purchased by a family
D. A new machine purchased by a business
Answer: A
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What quantity of output and price do they try to set, when a group of oligopoly firms form a cartel? Will there be any changes in the price and quantity supplied if the cartel gets broken down?
The use of foreign exchange reserves to keep exchange rates constant over time is called
A) a fixed exchange rate system. B) the Bretton Woods system. C) a fiscal fix. D) a floating exchange rate system.
Which of the following are barriers to making decisions?
a. statistics b. lack of statistics c. emotions d. all of the above
Which of the following is NOT a characteristic of a perfectly competitive long-run equilibrium?
A. Price equals long-run minimum average cost. B. Firms are producing on the downward sloping portions of their short-run average cost curves. C. Firms are earning zero profits. D. Price equals marginal cost.