The marginal revenue curve for a monopolistically competitive firm is ________ that of a perfectly competitive firm and ________ that of a monopolistic firm.
A. flatter than; steeper than
B. flatter than; the same as
C. steeper than; flatter than
D. the same as; steeper than
Answer: C
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If total fixed cost increases, which of the following will NOT change?
A) total cost B) average fixed cost C) marginal cost D) average total cost E) ALL costs increase when total fixed cost increases.
An example of how GNP accounts for services provided by foreign-owned capital (and GDP does not) is
A) earnings of a Spanish factory with British owners counts only in Spain's GDP. B) earnings of a Spanish factory with British owners counts only in Britain's GNP. C) earnings of a Spanish factory counts in Spain's GNP but are part of Britain's GDP. D) earnings of a Spanish factory counts in Spain's GDP but are part of Britain's GNP. E) earnings of a Spanish factory counts in Spain's GNP but not in Britain's GDP or GNP.
One major criticism of giving foreign aid to developing countries is:
A. there is little to no accountability once the funds have been dispensed. B. the recipients of aid oftentimes have nebulous goals that are not measurable. C. much of the money may be embezzled or otherwise funneled away from its intended recipient. D. All of these are major criticisms of foreign aid.
A price floor is binding when it is set
a. above the equilibrium price, causing a shortage. b. above the equilibrium price, causing a surplus. c. below the equilibrium price, causing a shortage. d. below the equilibrium price, causing a surplus.