On the graph above, what is the profit-maximizing level of output for a pure monopolist?
A. A
B. B
C. C
D. D
Answer: B
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A. Distinguish between a tariff and a quota
b. In what ways are tariffs and quotas similar? c. In what ways are tariffs and quotas different? d. Why might a foreign producer prefer a quota rather than a tariff? What will be an ideal response?
Focusing on real GDP per capita allows economists to control for how ______ impacts economic growth.
a. annual percentage change b. the standard of living c. population growth d. international changes
For an international capital-flow shock in which foreign investors lose confidence in a country
A. the country's real domestic product is affected if the country has a floating exchange rate but not affected if the country has a fixed exchange rate. B. the country's real gross domestic product (GDP) decreases regardless of whether the country has a fixed or floating exchange rate, but the country's real GDP declines less if the country has a floating exchange rate. C. the country's real GDP tends to decline if the country has a fixed exchange rate, but the country's real GDP tends to increase if the country has a floating exchange rate. D. the country's real domestic product is affected if the country has a fixed exchange rate but is not affected if the country has a floating exchange rate.
A firm in a perfectly competitive industry produces its profit-maximizing quantity, 40 units. Industry price is $3, total fixed costs are $45, and total variable costs are $60. The firm's economic profit is
A. $15. B. $30. C. $35. D. $60.