A monopoly firm is the only seller of a good or service that
A) has a perfectly elastic demand.
B) has no close complements.
C) does not need to be advertised.
D) does not have a close substitute.
Answer: D
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A nation joining a currency union must subject itself to the ______ policies of the union, which may or may not conform to its own objectives or economic or political values.
A) fiscal B) economic C) monetary D) accounting
Which of the following will definitely occur when there is a simultaneous decrease in demand and a decrease in supply?
A. a decrease in equilibrium price B. a decrease in equilibrium quantity C. an increase in equilibrium quantity D. an increase in equilibrium price
Refer to Scenario 9.3 below to answer the question(s) that follow. SCENARIO 9.3: Investors put up $520,000 to construct a building and purchase all equipment for a new restaurant. The investors expect to earn a minimum return of 10 per cent on their investment. The restaurant is open 52 weeks per year and serves 900 meals per week. The fixed costs are spread over the 52 weeks (i.e. prorated weekly). Included in the fixed costs is the 10% return to the investors and $1,000 per week in other fixed costs. Variable costs include $1,000 in weekly wages and $600 per week for materials, electricity, etc. The restaurant charges $5 on average per meal. Refer to Scenario 9.3. Total cost per week is
A. $1,000. B. $1,600. C. $2,000. D. $3,600.
Labor productivity in the U.S. in the periods 1973-1995 and 1995-2012 grew at average rates of:
A. 7.5% and 5.2%, respectively B. 1.5% and 2.4%, respectively C. 3.1% and 1.5%, respectively D. 4.1% and 4.3%, respectively