Even when transactions are facilitated with money, imports are paid for by exports
Indicate whether the statement is true or false
TRUE
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What area on a supply and demand graph represents consumer surplus?
What will be an ideal response?
Suppose a monopoly's inverse demand curve is P = 100 -Q, it produces a product with a constant marginal cost of 20, and it has no fixed costs
Compared to the consumer surplus if the market were perfectly competitive, consumer surplus is how much less when the monopolist practices perfect price discrimination? A) 3200 B) 1600 C) 800 D) 0
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 statements is true?
A. "Extreme poverty" refers to an income of less than $2 per day. B. U.S. GDP per capita is five times larger than the world average. C. The poorest nations of the world have average incomes of $5,000. D. According to world standards, 12 percent of Americans are poor.