If a country's gold supply were dwindling under the gold standard, an alternative to lower prices and wages would be to ______________.
Fill in the blank(s) with the appropriate word(s).
devaluate
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From 8 to 11 p.m., Sam can either attend a basketball game, a hockey match or the symphony. Suppose that Sam decides to attend the hockey match and thinks to herself that if she did not go to the match she would go to the symphony
Then the opportunity cost of attending the hockey match is A) going to the symphony and the basketball game. B) going to the symphony. C) going to the basketball game. D) three hours of time.
Teddy's Bear Shop operates in a perfectly competitive market where the prevailing price is $15 . Teddy's marginal cost curve crosses his average total cost curve at $20 . The marginal cost curve crosses his average variable cost curve at $17 . In the short run, Teddy's Bear Shop
a. should operate at a lower output level where it can suffer less of an economic loss b. will suffer an economic loss, but should continue to operate at the minimum of its average variable costs c. will just break even, with neither a profit nor a loss, and should operate d. will suffer an economic loss and should shut down e. should operate at a higher output level where it can suffer less of an economic loss
Buyers are able to buy all they want to buy and sellers are able to sell all they want to sell at
a. prices at and above the equilibrium price. b. prices at and below the equilibrium price. c. prices above and below the equilibrium price, but not at the equilibrium price. d. the equilibrium price but not above or below the equilibrium price.
Which of the following is a disadvantage of the corporate form of business organization?
A. double taxation B. limited financing C. limited liability D. unlimited liability