In an open economy, a society's consumption possibilities are typically ________ its production possibilities.
A. less than
B. unrelated to
C. equal to
D. greater than
Answer: D
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A manager of a firm with market power faces the marginal revenue product and average revenue product curves shown below. The firm incurs weekly fixed costs of $1,800. The firm employs a single variable input, labor, which costs $600 per worker each week. ss
Given the above, in profit-maximizing (or loss-minimizing) equilibrium, the firm's total variable costs are
A. $400. B. $12,000. C. $6,000. D. $600. E. none of the above
The process of taking advantage of market inefficiencies to earn profits is called:
A. futures contracting. B. arbitrage. C. technical analysis. D. a random walk.
Since 1970, the U.S. Gini ratio has
A) increased. B) decreased. C) increased and then decreased. D) decreased and then increased.
Intraindustry trade can lead to lower prices and job creation in both the exporting and the importing nation
Indicate whether the statement is true or false