Use the following graph to answer the next question.
The perfectly competitive firm's supply curve is the
A. MC curve at and above G.
B. MC curve at and above F.
C. MC curve at and above H.
D. MC curve at and above J.
Answer: A
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Given the values in the table above, the real interest rate r = ________ when equilibrium output Y = 15
A) 9.8 B) 3.8 C) 3.18 D) 10 E) none of the above
Economic theory tells us that inequality in income is unfair if differences in opportunity leads to inequality of income.
Answer the following statement true (T) or false (F)
How will the exchange rate (foreign currency per dollar) respond to an increase in the relative rate of productivity growth in the United States in the long run?
A) Exchange rates will rise. B) Exchange rates will be unaffected by changes in the relative rate of productivity growth in the United States, both in the short run and in the long run. C) The exchange rate will be affected in the short run, but not in the long run. D) Exchange rates will fall.
Refer to Table 2-10. What is Fred's opportunity cost of making a unicycle?
A) 1/3 of a pogo stick B) 1/2 of a unicycle C) 3 pogo sticks D) 1.3 pogo sticks