The currency adopted by most countries in Western Europe is referred to as the
A) euro. B) pound. C) Eurodollar. D) yen.
A
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A perfectly competitive firm with a random demand has a ________ demand curve and ________ marginal revenue curve.
A) horizontal; horizontal B) vertical; horizontal C) vertical; vertical D) horizontal; vertical
Consider a firm with the following cost and revenue information: ATC = $8, AVC = $7, and MR = MC = $6 . If the firm produces Q = 60 in the short run, it:
a. is minimizing losses. b. makes a total loss of $60. c. should produce more output. d. is making a mistake and should shut down. e. is maximizing total profit.
High levels of sales that spur high levels of investment spending is an example of a
a. vicious circle. b. virtuous circle. c. convergence circle. d. divergence circle.
The natural rate of unemployment is the
a. unemployment rate that would prevail with zero inflation. b. rate associated with the highest possible level of GDP. c. difference between the long-run and short-run unemployment rates. d. amount of unemployment that the economy normally experiences.