Company A manufactures a single automotive component. It had total revenue of $100,000 and an economic profit of $20,000 . What is the price of the component it manufactures?
a. ($100,000/quantity sold).
b. ($100,000/quantity produced).
c. ($100,000/quantity sold) ? average cost of the product
d. ($100,000/quantity produced) ? average cost of the product
a
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Under a flexible exchange rate system, one factor that does NOT directly affect rates of exchange is
A) changes in the inflation rate in each country. B) changes in productivity in each country. C) changes in gold holdings in each country. D) changes in economic stability in each country.
The "law" of diminishing returns is also referred to as
a. the "law" of diminishing returns to scale. b. the "law" of variable input proportions. c. diminishing average physical product. d. the "law" of decreasing cost.
Each president of a Reserve Bank serves for a:
A. two-year renewable term. B. fourteen-year term. C. seven-year term. D. five-year term.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point A. The opportunity cost of moving from Point A to Point B is the
A. 30 LCD televisions that must be forgone to produce 60 additional OLED televisions. B. 90 LCD televisions that must be forgone to produce 20 additional OLED televisions. C. 30 LCD televisions that must be forgone to produce 20 additional OLED televisions. D. 120 LCD televisions that must be forgone to produce 40 additional OLED televisions.