Which of the following information about fiat money is false?
A) It must be issued by a sanctioned monetary authority.
B) It serves as a medium of exchange.
C) It has virtually no intrinsic value.
D) All of the above statements about fiat money are true.
A
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Robert is a doctor who earns an average hourly wage of $80. His wife is a teacher and earns an average hourly wage of $35. His daughter works in her college library and earns $12 per hour while his son is a lawyer and earns $60 per hour
If one of them must stay back at the house on a working day to look after their ailing pet, who can do it at the lowest opportunity cost? A) His son B) Robert C) His wife D) His daughter Mike and John work as waiters in a restaurant. Mike can efficiently wait on 10 customers per hour while John can efficiently wait on 7 customers per hour. The restaurant also has a bar. If both of them work as bartenders, Mike is able to serve 9 customers per hour while John is able to serve 10 customers per hour.
Which of the following describes a difference between the marginal revenue and demand curves of a perfectly competitive firm and a monopolistically competitive firm?
A) The marginal revenue curve of a monopolistically competitive firm lies below its demand curve; the marginal revenue curve of a perfectly competitive firm lies above its demand curve. B) The perfectly competitive firm's marginal revenue and demand curves are the same; the marginal revenue curve of a monopolistically competitive firm lies below its demand curve. C) The monopolistically competitive firm's marginal revenue and demand curves are the same; the marginal revenue curve of a perfectly competitive firm lies below its demand curve. D) The perfectly competitive firm's marginal revenue and demand curves are the same; the marginal revenue curve of a monopolistically competitive firm lies above its demand curve.
If a firm has a long-run average cost of $2 when it produces 4,000 units of an input and has a long-run average cost of $1 when it produces $10,000 units and the firm needs 10,000 units of the input, the firm ________ experience economies of scale, which makes the firm ________ likely to make the input rather than buy it.
A) does not; more B) does; less C) does; more D) does not; less
If the supply of a product decreases by more than the demand increases: a. the price will rise and the quantity traded will fall
b. the price will rise, but the quantity traded could either rise or fall. c. the price will fall, but the quantity traded could either rise or fall. d. the quantity traded will rise, but the price could either rise or fall.