A country undertakes a revaluation in order to
A) decrease its net exports. B) move to a flexible exchange rate system.
C) lower the value at which its currency is pegged. D) increase its net exports.
A
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Net utility is
A. equal to total utility from the quantity acquired of a good minus the utility lost by having to pay for it. B. equal to the sum of the marginal utilities. C. equal to an optimal number easily calculated by the consumer. D. always greater than total utility.
The most basic concept in economics is
A) wealth. B) income. C) scarcity. D) spending.
Time-series models
A. use dummy variables to control for time trend. B. cannot be replicated by another researcher. C. use dummy variables to control for cyclical variation. D. both a and b E. both b and c
Assume the price of a product sold by a purely competitive firm is $5. Given the data in the accompanying table, at what output level is total profit highest in the short run?
A. 20
B. 30
C. 40
D. 50