Figure 7-8
Of the graphs in Figure 7-8, which diagram is most likely to be the marginal cost?
A. 1
B. 2
C. 3
D. 4
Answer: B
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A standard which came to the market first, such as the QWERTY letter layout in typewriters, can become entrenched (this layout is still used for computer keyboards today). What is this phenomenon called?
A) path dependency B) sunk cost C) comparative advantage D) network externalities
A profit-maximizing competitive firm is earning a profit of $24,000 . Its marginal cost is $17 and its average total cost is $13 . How many units of output is the firm producing and selling?
If a country had a trade surplus of $50 billion and then its exports rose by $30 billion and its imports rose by $20 billion, its net exports would now be
a. $0 billion.
b. $20 billion.
c. $40 billion.
d. $60 billion.
Stabilizing a nation's price level and the purchasing power of its money can be achieved:
A. only with fiscal policy. B. only with monetary policy. C. with both fiscal and monetary policy. D. with neither fiscal nor monetary policy.