If $.80 U.S. = $1.00 Canadian,
A. a U.S. nickel is worth four Canadian cents.
B. a U.S. quarter is worth 40 Canadian cents.
C. 40 Canadian cents are worth 50 U.S. cents.
D. $.04 U.S. is worth 5 Canadian cents.
D. $.04 U.S. is worth 5 Canadian cents.
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Suppose the price of leather used to produce shoes increases. The higher price of leather ________ the supply of shoes and the supply curve of shoes ________
A) increases; shifts rightward B) increases; shifts leftward C) decreases; shifts rightward D) decreases; shifts leftward E) does not change; does not shift
Gretchen expects the price level to rise from 104 this year to 108 next year, and she is able to incorporate these expectations into her wage contract. If the price level rises to 106 next year instead of 108, which of the following will occur?
A) Gretchen's real wage will be unchanged. B) Gretchen's real wage may rise or fall, depending on the unemployment rate. C) Gretchen's real wage will fall. D) Gretchen's real wage will rise.
The marketing division of a firm has measured demand for its product and reports that it is 2Q = 24 ? P, where Q is units and P is price per unit in dollars. The cost is given in the table below. Complete the table and determine the profit-maximizing level of output for this firm. OutputTotal CostPriceRevenueProfit010__________ _____ 118__________ _____ 220 __________ _____ 322__________ _____ 425__________ _____ 529__________ _____ 634__________ _____ 740__________ _____ 848__________ _____
What will be an ideal response?
To the extent that oligopolies differentiate their products,
A. there is overproduction from society's point of view. B. they are also likely to price at marginal cost. C. there is the promise of new and exciting products. D. they force themselves into deadlocks that waste resources.