Which of the following products is most likely to be sold in a monopolistically competitive market?
A) fast food
B) automobile
C) wheat
D) electricity
Answer: A
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Refer to the table above. What is the firm's marginal cost when it produces 155 units of the good?
A) $0.66 B) $1 C) $1.33 D) $1.50
If you are considering buying either an Apple Watch or a Samsung Gear S2, and you choose the Samsung only because the price is lower, then you consider
A) the Apple Watch and the Samsung Gear S2 to be substitutes. B) the Apple Watch and the Samsung Gear S2 to be complements. C) the Apple Watch to be a normal good and the Samsung Gear S2 to be an inferior good. D) the Apple Watch to be an inferior good and Samsung Gear S2 to be a normal good.
Government fiscal policy involves changing which of the following?
A. Interest rates. B. Taxes and government spending. C. Regulations on business. D. The amount of money in circulation.
Under a system of fixed exchange rates, what happens if a country's currency is undervalued?
A. The exchange rate falls. B. The currency depreciates. C. The central bank loses official reserve assets. D. The central bank gains official reserve assets.