The traders in the foreign exchange market need to interact personally while exchanging currencies
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Edgeworth Box Economy. Analysis of an Edgeworth box economy shows that a competitive equilibrium
a. must be Pareto optimal. b. can be located anywhere along the contract curve. c. may lie anywhere within the region of mutual advantage. d. must lie to the southeast of the endowment point.
The Bureau of Economic Analysis releases its estimate for GDP before it releases its estimate for GDI
A) only for the first quarter of the year. B) only for the first two quarters of the year. C) only for the fist three quarters of the year. D) for all four quarters of the year.
Which of the following statements concerning efficiency is correct?
A. If a toll road is heavily used so that traffic movement is slowed, the price per vehicle should be reduced since the road is generating more revenue. B. Economists advocate high prices for abundant resources and low prices for scarce resources. C. If a toll road is heavily used and traffic movement is difficult, the price per vehicle should be increased to shift some traffic to less-crowded roads. D. All of these options are desirable in promoting efficient use of scarce road space.
When a firm has maximized profits
A. its marginal cost is zero. B. the marginal product is greater than the input price for all inputs. C. the marginal product of each input is also maximized. D. it has also minimized total costs.