The Department of Justice could use the cross-price elasticity between products sold at Staples and Office Max to show that the firms are very similar.
Answer the following statement true (T) or false (F)
True
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When the IS and LM curves are combined in the same diagram, the intersection of the two curves determines the equilibrium level of ________ as well as the ________
A) aggregate output; price level B) aggregate output; interest rate C) money supply; price level D) consumer expenditures; interest rate
Members of the Board of Governors serve
A) fourteen year terms. B) four-year terms. C) at the discretion of the Federal Reserve Chairman. D) at the discretion of the President of the United States.
If a firm increases its output and finds that its average total cost decreases as a result, this implies that
a. marginal cost exceeds average total cost. b. the cost of producing an additional unit of output is more than the average total cost. c. average fixed cost is increasing. d. average total cost exceeds marginal cost.
If labor in Mexico is less productive than labor in the United States in all areas of production,
a. then neither nation can benefit from trade. b. then Mexico can benefit from trade but the United States cannot. c. then the United States will have a comparative advantage relative to Mexico in the production of all goods. d. then both Mexico and the United States still can benefit from trade.