Trade allows each country to take advantage of lower ___________ costs in the other country.
a. replacement
b. opportunity
c. marginal
d. retail
b. opportunity
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A perfectly competitive firm will shut down when the price is just below the minimum point on the
A) average fixed cost curve. B) average total cost curve. C) marginal cost curve. D) average variable cost curve. E) marginal revenue curve.
Oligopolistic industries are characterized by a
A) few large firms and no barriers to entry. B) large number of firms and no barriers to entry. C) few large firms and substantial barriers to entry. D) large number of firms and substantial barriers to entry.
The Fed generally announces what it is doing with monetary policy in terms of a target for the:
A. discount rate. B. monetary base. C. reserve requirement. D. federal funds rate.
Normative economics:
A. is the focus of most modern economic reasoning. B. answers the question "What ought to be?" C. predicts the consequences of alternative actions. D. answers the question "What is?"