The behavior of all households and firms together is known as
A. synergy behavior.
B. conglomerate behavior.
C. aggregate behavior.
D. synchronized behavior.
Answer: C
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If the market price is $4 and a perfectly competitive firm is producing 3,200 units and the marginal cost to produce the 3,200th unit is $3.88, which of the following is true?
A) The difference between marginal revenue and marginal cost (MR - MC) for the 3,200th unit is negative. B) The firm should increase production to maximize profit. C) The firm is maximizing profit. D) The firm should decrease production to maximize profit.
What is the profit maximizing condition for a vertically integrated firm?
A) Net marginal revenue equals the sum of the marginal costs of the intermediate inputs. B) Marginal revenue equals the marginal cost of the final output. C) Net marginal revenue equals the marginal cost of each intermediate good. D) The sum of net marginal revenues equals the marginal cost of the final output.
The Japanese yen will appreciate against the dollar if
A) U.S. residents demand more Japanese goods. B) U.S. residents demand fewer Japanese goods. C) Japanese residents demand more U.S. goods. D) none of the above.
One of the contributing factors to the financial crisis of 2007-2009 was that mortgage lending practices were ____________ strict in the late 1990s and early 2000s, compared to earlier periods such as the 1970s and 1980s, which led to a(n) _______________ in subprime and other nontraditional mortgage loans
A) less; increase B) more; increase C) less; decline D) more; decline