The gains from trade include: i. lower prices from competition. ii. greater output from specialization. iii. greater variety of goods and services available
A) i and iii only
B) ii and iii only
C) i and ii only
D) i, ii, and iii
E) ii only
D
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At the profit-maximizing level of output, what is relationship between the total revenue (TR) and total cost (TC) curves?
A) They must intersect, with TC cutting TR from below. B) They must intersect, with TC cutting TR from above. C) They must be tangent to each other. D) They cannot be tangent to each other. E) They must have the same slope.
Think of the aggregate expenditure model. At the point where the aggregate expenditure curve intersects the 45-degree (or income) line,
a. C = I b. I = C + S c. Y = S d. Y = S + I e. S = Ii
The Great Moderation refers to
a) Dramatic fall in business cycle volatility that occurred from the mid-1980s to the mid-2000s b) The general fall in business cycle volatility after the second world war c) The fall in global output that occurred after 2007 d) Improved monetary policy since the mid-1980s e) Improved fiscal policy since the mid-1980s
Hedge funds:
A. are heavily regulated. B. always employ diversification techniques called "hedging." C. are strictly for millionaires. D. issue commercial paper and bonds.