Exhibit 7-12 Marginal revenue and cost per unit curves
?
As shown in Exhibit 7-12, the firm will not produce in the short-run if the price is below:
A. OA.
B. OB.
C. OC.
D. OD.
Answer: A
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Hughes and Cain (2011) give some credit to which of the following factors for the 1860–1910 increase in the number of people employed, shorter work days and higher real incomes?
(a) A decrease in the number of immigrants (b) A closed economy with no imports coming into or exports going out of the U.S. (c) Mechanical power and capital accumulation (d) All of the above
A cooperative game is
A) companies colluding in order to make higher than competitive rates of return. B) the manner in which one oligopolist reacts to a change in price made by another oligopolist in the industry. C) a game in which firms will not negotiate in any way. D) when plans made by firms are known as game strategies.
In the open-economy macroeconomic model, the real exchange rate does not affect net capital outflow
a. True b. False Indicate whether the statement is true or false
If an individual prefers X to Y and prefers Y to Z then the consumer must also prefer X to Z. This property is called:
A. transitivity. B. completeness. C. the ranking principle. D. the choice principle.