Which statement is true?
A. Almost one-half of the world's population lives in less developed countries.
B. The economies of most of the NICs are growing very slowly.
C. The output of the United States today is smaller than it was in 1990.
D. The U.S. education system is second to none.
A. Almost one-half of the world's population lives in less developed countries.
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An increase in consumer confidence will
A) not change autonomous consumption and rotate the consumption function downward. B) not change autonomous consumption and rotate the consumption function upward. C) increase autonomous consumption and shift the consumption function upward. D) decrease autonomous consumption and shift the consumption function downward.
Which of the following statements is correct for both a monopolist and a perfectly competitive firm? (i) The firm maximizes profits by equating marginal revenue with marginal cost. (ii) The firm maximizes profits by equating price with marginal cost. (iii) Demand equals marginal revenue. (iv) Average revenue equals price
a. (i), (iii), and (iv) only b. (i) and (iv) only c. (i), (ii), and (iv) only d. (i), (ii), (iii), and (iv)
If the nominal interest rate is 7 percent and the rate of inflation is 3 percent, then the real interest rate is
a. 7 percent. b. 4 percent. c. 3 percent. d. 10 percent.
Suppose the equilibrium price in a perfectly competitive industry is $15 and a firm in the industry charges $21. Which of the following will happen?
A) The firm's profits will increase. B) The firm's revenue will increase. C) The firm will not sell any output. D) The firm will sell more output than its competitors.