Velocity is defined as
A. real money stock/real GDP.
B. nominal money stock/nominal GDP.
C. mc2.
D. nominal GDP/nominal money stock.
Answer: D
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The figure above shows the production possibilities frontiers for the United Kingdom and France. What is the opportunity cost of one bushel of wheat for the United Kingdom?
A) 1/4 of a pound of fish B) 1/2 of a pound of fish C) 1 pound of fish D) 200 pounds of fish E) 2 pounds of fish
If there is zero search cost, then in the presence of asymmetric information, competitive firms will
A) charge the monopoly price. B) charge the competitive price. C) charge zero price. D) shut down.
Oligopoly is difficult to analyze because
A. price is not a decision variable for oligopolistic firms. B. of the complex interdependence that usually exists among oligopolistic firms. C. there is no price competition among oligopolistic firms. D. there is price competition among oligopolistic firms but no competition on product quality.
The isoquants for inputs that are perfect complements for one another consist of a series of:
a. right angles b. parallel lines c. concentric circles d. right triangles e. none of the above