The equation of exchange is?
a. M x V = P x Y
b. M x P = V x Y
c. M x Y = V x P
d. none of the above represent the equation of exchange
a
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When workers are paid on a piece-rate basis, an employer must be able to easily measure each worker's output
Indicate whether the statement is true or false
Which of the following is an argument in favor of interventionist trade policies?
(a) Cheaper capital goods. (b) Declining terms of trade. (c) Decreased losses from rent-seeking activities. (d) All of the above. (e) None of the above.
A firm engages in price discrimination when it:
A. charges different prices for different units of different goods. B. charges the same price for different units of the same good. C. charges a higher price for units for which the willingness to pay is high than for those units for which the willingness to pay is low. D. charges a lower price for units for which the willingness to pay is high than for those units for which the willingness to pay is low.
The demand curve for a firm in perfect competition is equal to its:
A. average total cost curve. B. average fixed cost curve. C. marginal revenue curve. D. marginal cost curve.