Harmonization of standards
A) can make it less costly for exporting firms to produce.
B) is easy to agree on.
C) is not possible for countries of different income levels.
D) is required under WTO rules.
A
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Which of the following is not a necessary characteristic of a perfectly competitive industry?
A. The industry or market demand is highly elastic. B. Consumers see no difference between the product of one firm and that of another. C. There are so many firms that none can influence market price. D. Firms can easily enter or exit the industry.
If a firm produces 8 units of output with average fixed cost=$40 and average variable cost=$25, what is its total cost?
a. $200 b. $1,000 c. $520 d. $320
When it comes to environmental policy,
a. choices are influenced by the costs and benefits that decision makers expect. b. values are subjective, as in other areas of the economy. c. policy choices often have unintended secondary effects. d. all of the above are true.
In equilibrium, if $1 = 0.5 pound sterling and 1 pound sterling = 40 Swiss francs, the exchange rate between dollars and francs will be ________.
A. 1 franc = $0.10 B. $1 = 80 francs C. 1 franc = $0.20 D. $1 = 20 francs