The long run is a planning period:
A. during which the firm can vary all inputs including its plant size.
B. less than six months.
C. less than one year.
D. less than five years.
Answer: A
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When Mik has an absolute advantage in the production of two goods over Tommy, Mik
A) is less productive than Tommy. B) is better off if he does not engage in specialization and trade with Tommy. C) is more productive in producing both goods than Tommy. D) always has a comparative advantage over Tommy in the production of both goods. E) cannot gain from trade with Tommy.
What's a normal good to me might be
A) a normal good to you. B) an inferior good to you. C) a bad to you. D) any of the above to you.
When the value of U.S. merchandise exports is less than the value of U.S. merchandise imports,
a. the exchange rate, other currencies per dollar, appreciates b. the value of the dollar must fall c. there will be an increase in the demand for dollars d. an unfavorable balance of trade results e. foreign currency reserves must fall
In numerous experiments, researchers have found that if a Proposer and a Responder are asked to split a fixed sum on money in the ultimatum bargaining game, the Proposer will, on average, offer the Responder:
A. nothing. B. less than would be predicted by standard economic theory. C. more than would be predicted by standard economic theory. D. exactly the amount that would be predicted by economic theory.