Appreciation of the dollar means that now it takes more dollars to buy one unit of foreign currency
a. True
b. False
Indicate whether the statement is true or false
False
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A firm in a perfectly competitive market can maximize its profits by producing:
A. the level of output where marginal cost equals marginal revenue. B. any level below where marginal cost equals marginal revenue. C. any level beyond where marginal cost equals marginal revenue. D. slightly below its maximal capacity.
Suppose the economy is in long-run equilibrium. Senator A succeeds in getting taxes lowered. At the same time, Senator B succeeds in getting major restrictions on logging enacted. In the short run
a) real GDP will fall and the price level might rise, fall, or stay the same. b) the price level will fall, and real GDP might rise, fall, or stay the same. c) real GDP will rise and the price level might rise, fall, or stay the same. d) the price level will rise, and real GDP might rise, fall, or stay the same.
What is the type of economic system that relies on one central authority to make economic decisions?
A) free market B) price system C) command and control D) mixed economic system
What are the three major types of quotas?
What will be an ideal response?