An exchange rate that is set by official government policy is called a ________ exchange rate.
A. nominal
B. flexible
C. fixed
D. real
Answer: C
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Recessions in the United States typically are:
A. widely felt outside the United States. B. confined to the domestic economy. C. limited to specific regions of the country. D. limited to a few industries.
If average revenue equals average total cost,
a. total revenue is maximized b. average revenue is maximized c. average total cost is minimized d. economic profit is maximized e. economic profit is zero
If the wage rate is $5 per hour, regardless of how many laborers are employed, the wage rate equals the
a. MLC b. MPP c. MR d. MRP e. TLC
Command-and-control regulation, as compared to incentive-based regulation, is:
A. efficient in the short run and in the long run. B. efficient in the short run, but not in the long run. C. inefficient in the short run, but efficient in the long run. D. inefficient in the short run and long run.