In the United States, the ________ has the official responsibility for foreign exchange intervention
A) State Department B) International Trade Commission
C) Department of Commerce D) Treasury Department
D
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Suppose demand for a good is QD = 100 - P and supply is QS = -20 + P. What is the equilibrium price?
a. 20 b. 40 c. 60 d. 80
As a result of the tax, consumption of this good will decline by
A. 5 units.
B. 10 units.
C. 15 units.
D. quantity consumed will not decline at all.
A purely competitive firm is producing at the point where its marginal cost equals the price of its product. If the firm increases its output, then total revenue will:
A. decrease and profits will increase. B. increase and profits will decrease. C. increase and profits will increase. D. decrease and profits will decrease.
In which of the following statements are the terms "demand" and "quantity demanded" used correctly?
A. When the price of ice cream rose, the demand for ice cream fell and the quantity demanded of ice cream toppings fell. B. When the price of ice cream rose, the quantity demanded of ice cream fell and the demand for ice cream toppings fell. C. When the price of ice cream rose, the demand for both ice cream and ice cream toppings fell. D. None of these statements uses the terms correctly.