The foreign exchange rate
A. is not relevant when comparing the GDPs of various countries.
B. is the price of one currency in terms of another.
C. is the same as the price of a product in U.S. dollars.
D. is the price of one good or service as compared to a similar good or service.
Answer: B
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Economies of scale occur when the percentage increase in output
A) exceeds the percentage increase in all inputs. B) is less than the percentage increase in all inputs. C) exceeds the percentage decrease in all inputs. D) is less than the percentage decrease in all inputs.
The practice of tenure at American universities is quite common
When a junior professor is approved for tenure he or she is promoted to associate or full professor and enjoys for all intents and purposes lifetime employment and protection against firing in the event that he or she's views are at odds with the university administration. While this policy has been in place for many decades across the country why is it that universities are hesitant to grant and do so only after careful evaluation of the candidate's work even though the salary they may have to contract is lower than what one might receive in the private sector.
Which of the following can defeat the profit-maximizing strategy of price discrimination?
a. consumer surplus b. deadweight loss c. market power d. arbitrage
Given the graph shown, the quantity that would be associated with the price of $4 in a supply table would be:
A. 2. B. 8. C. 6. D. 4.