A geographic region in which the benefits of having a common currency exceed the costs is
A) an optimum currency area.
B) an exchange-rate mechanism.
C) a currency board area.
D) a common currency area.
A
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If a manager's expected marginal revenue exceeds their expected marginal cost, which of the following is true?
A) The expected profit from producing another unit is negative. B) The manager is maximizing expected profit. C) To maximize expected profit, the manager should decrease production. D) To maximize expected profit, the manager should increase production.
Which of the following ideas is illustrated by the production possibilities curve [PPC]?
a. There are no limits on the total production feasible in an economy. b. An economy need not decrease the production of one commodity to increase the production of another. c. It is possible to satisfy unlimited wants in an economy through proper investment in research and development. d. When an economy chooses to produce a combination of goods and services, other combinations of goods and services are sacrificed. e. An economy can specialize in the production of only one good.
The impact of the Great Recession is clear when one observes negative Real GDP growth for
A. all of the years from 2007 to 2010. B. 2008 only. C. 2008 and 2009. D. 2009 only.
"My brother is better at cooking, better at cleaning, and better at fixing the car than I am." Relative to me, my brother has
A. an absolute advantage in cooking, cleaning, and car repair. B. more income than me. C. a comparative advantage in cooking, cleaning, and car repair. D. more intelligence than me.