Refer to the above figure. Which arrows represent items that are measured in dollar terms?
A. Arrows A and B
B. Arrows C and D
C. Arrows A and D
D. Arrows B and C
Answer: C
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If the Federal Reserve buys $3 billion worth of Japanese yen and sells $5 billion of euros, how does this affect the balance of payments?
A) Falls by $2 billion B) Rises by $2 billion C) Rises by $3 billion D) Falls by $5 billion
These are the cost and revenue curves associated with a firm.
If the firm in the given graph were to maximize profits, it would:
A. earn zero economic profits. B. cause deadweight loss. C. produce Q1 and charge P3. D. All of these statements are true.
A profit-maximizing firm in a monopolistically competitive industry sells its product at a price:
A. that exceeds marginal cost. B. that exceeds average variable cost. C. equal to average variable cost. D. equal to marginal cost.
Assume that this graph illustrates a perfectly competitive labor market.
In this market, at a wage of $40:
A. approximately 175 worker hours would be hired. B. the market would be in equilibrium. C. firms would not be able to find enough workers to fill all their positions. D. more people would want to work than number of job openings.