Considering the law of one price, evidence in the foreign exchange markets over brief intervals shows:
A. the law works most of the time.
B. the law only works in the very short run.
C. this is the closest thing to a perfect law in economics.
D. that the law fails most of the time.
Answer: D
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The above table shows the total product schedule for the campus book store. If employees are paid $6 per hour and there are no other variable costs, then what is the marginal cost (MC) per book of increasing book sales from 83 to 87 books per hour?
A) $6.00 B) $4.00 C) $2.07 D) $1.50
Under the gold standard, a country with a trade deficit should expect
a. gold to flow out of the country to other countries. b. gold to flow into the country from other countries. c. the value of its currency to appreciate. d. the value of its currency to depreciate.
The ________________deals with the relationship between the factors of production and the output of goods and services.
Fill in the blank(s) with the appropriate word(s).
A command-and-control policy:
A. is unlikely to have any impact on the amount of pollution emitted. B. does not affect the production costs of firms. C. usually finds the most efficient pollution abatement technology. D. decreases the incentive for firms to develop efficient abatement technologies.