The value of a dollar
A) is its face value. B) is set by the government.
C) is its purchasing power. D) remains constant over time.
C
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You produce stereo components for sale in two markets, foreign and domestic, and the two groups of consumers cannot trade with one another. If your firm practices third-degree price discrimination to maximize profits, the marginal revenue
A) in the foreign market will equal the marginal cost. B) in the domestic market will equal the marginal cost. C) in the domestic market will equal the marginal revenue in the domestic market. D) all of the above E) none of the above
Use the above table. If these two countries, Alpha and Beta, specialize based on comparative advantage
A) Alpha will specialize in cookies, and Beta will specialize in coffee production. B) Alpha will specialize in producing both items. C) Beta will specialize in producing both items. D) Alpha will specialize in coffee, and Beta will specialize in cookies.
Fiona's hourly wage decreases from $10 to $8 . Which of the following describes a consequence of the decrease in Fiona's wage?
a. The opportunity cost of Fiona's leisure time has increased. b. Fiona may choose to work more hours due to the decrease in her wage. c. Fiona may choose to work fewer hours due to the decrease in her wage. d. Both b and c are correct.
Which of the following is consistent with the assumptions of marginal utility theory?
A) As Jose consumes more of one good, his marginal utility from consuming more of that good decreases. B) As Jose consumes more of one good, his marginal utility from consuming more of that good increases. C) As Jose consumes more of one good, his marginal utility from consuming more of all goods decreases. D) As Jose consumes more of one good, his marginal utility from consuming more of all good increases.