The principal difference between income and money is that income is a ____ and money is a ____
a. schedule, curve
b. point, line
c. stock, flow
d. flow, stock
d
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At its present rate of output, 200 units, a perfectly competitive firm has total cost of $10,000 . marginal cost of $38, and fixed cost of $2,000 . and it charges the market price of $38 per unit. To maximize profit or minimize loss, this firm should
a. increase output b. reduce output but not to zero c. maintain the present rate of output d. shut down e. raise the price
Technically, our balance of payments always has a balance of __________.
What will be an ideal response?
Which of the following is true?
i. Comparative advantage drives international trade. ii. Compared to a no-trade situation, imports make domestic producers better off. iii. Tariffs lower the domestic price of imported goods. A) Only i B) Only ii C) Only iii D) i and ii E) i and iii
Compared to IACs, LDCs are often characterized by:
a. higher life expectancy. b. higher adult literacy rates. c. higher daily calorie supply. d. lower per capita energy consumption.