National characteristics that affect the cost of producing goods in a particular country include all of the following except:
A. technology.
B. natural resources and climate.
C. proper government oversight of production.
D. endowment of factors of production.
Answer: C
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The above figure shows a perfectly competitive firm. If the market price is $15 per unit, the firm
A) will definitely shut down to minimize its losses. B) will stay open to produce and will make zero economic profit. C) will stay open to produce and will incur an economic loss. D) will stay open to produce and will make an economic profit. E) might shut down but more information is needed about the fixed cost.
The desired reserve ratio helps determine the amount of money banks can create
Indicate whether the statement is true or false
The advantage of a system of fixed exchange rates over one where exchange rates are flexible is that
a. the government gains more control over the economy. b. floating exchange rates impose risks on importers and exporters from unpredictable exchange rates. c. exchange controls become unnecessary. d. fiscal and monetary policy can focus more on domestic conditions.
Suppose that some country had an adult population of about 46 million, a labor-force participation rate of 75 percent, and an unemployment rate of 8 percent. How many people were unemployed?
a. 2.54 million b. 2.76 million c. 3.68 million d. 8 million