Refer to Figure 8.5. If three ovens are produced, average variable costs are
A) $166.67.
B) $83.33.
C) $500.
D) $1,500.
B) $83.33.
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Assume that the fixed exchange rate system of 1.1 euros = 1 dollar is below the equilibrium exchange rate of 1.3 euros = 1 dollar in a flexible exchange rate system. Then, at the fixed exchange rate, the dollar would be
a. undervalued and the euro would be overvalued. b. overvalued and the euro would be undervalued. c. revalued and the euro would be devalued. d. depreciated and the euro would be appreciated.
Banks create money when they make loans
a. True b. False Indicate whether the statement is true or false
Assume that corn and soybeans are alternatives that could be grown by most farmers. An increase in the price of corn will
a. increase the supply of corn. b. increase the supply of soybeans. c. decrease the supply of soybeans. d. decrease the supply of corn. e. have no effect on the supplies of corn and soybeans.
If mayonnaise and Miracle Whip are substitutes, then which of the following would increase the demand for Miracle Whip?
a. a decrease in the price of Miracle Whip b. an increase in the price of mayonnaise c. a decrease in the price of mayonnaise d. Both a and b are correct.