Business cycles in the United States
A. Are similar in frequency and intensity.
B. Are remarkably similar in length but vary greatly in intensity.
C. Are similar in length, frequency, and intensity.
D. Vary greatly in length, frequency, and intensity.
Answer: D
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A perfectly competitive firm has an 80 percent probability of a high demand of $10 and a 20 percent chance of a low demand of $8. To maximize expected profit, the firm should produce the quantity that sets the marginal cost equal to ________.
A) $9.60 B) $10.00 C) $9.20 D) $8.00
Deflation
a. increases incomes and enhances the ability of debtors to pay off their debts. b. increases incomes and reduces the ability of debtors to pay off their debts. c. decreases incomes and enhances the ability of debtors to pay off their debts. d. decreases incomes and reduces the ability of debtors to pay off their debts.
Suppose a central bank tries to keep exchange rates fixed. When there is an increase in the demand for foreign goods, the central bank will most likely
A. use foreign reserves to buy the domestic currency. B. sell the domestic currency in exchange for foreign reserves. C. do nothing. D. buy foreign currency in exchange for the domestic currency.
A firm in a perfectly competitive market has ________ control over price because each firm's product perfectly substitutes for every other firm's product.
A. no B. limited C. total D. moderate