The Wacky Widget company has total fixed costs of $100,000 per year. The firm's average variable cost is $5 for 10,000 widgets. At that level of output, the firm's average total costs equal
a. $10
b. $15
c. $100
d. $150
b
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If a certain automotive part can be purchased in Mexico for 60 pesos or in the United States for $6.25 and if the nominal exchange rate is 8 pesos per U.S. dollar, then the automotive part:
A. is less expensive in Mexico. B. costs the same in Mexico and the United States. C. is more expensive in the United States. D. is less expensive in the United States.
For federally chartered banks, the "primary" federal regulator is the
A) Federal Reserve. B) FDIC. C) House Banking Committee. D) Comptroller of the Currency.
A government-imposed price ceiling set below the market's equilibrium price for a good will produce an excess supply of the good
a. True b. False
Who won a Nobel Prize in economics for his work in the development of game theory?
A) John von Neuman B) Oskar Morgenstern C) John Nash D) Howard Schultz