The four major forms of economic integration include
A) Customs union.
B) Economic union.
C) Common market.
D) Free trade area.
E) All of the above.
Answer: E
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The neighborhood ice cream shop finds that when it charges $3 per ice cream cone, its total revenues are $90,000 . It has total variable costs of $30,000 and total fixed costs of $40,000 . From this we can infer the
a. shop should be moved because the rent is too high b. price is less than average total cost c. economic profits are $20,000 d. shop will be closed in the long run e. shop sells 10,000 ice cream cones
If you knew that interest rates would be rising, then you would predict that the present value of $1 received 5 years from now
A. would be higher. B. would be about the same. C. would be lower. D. could be higher or lower.
The main reason for the high price of antiques is that:
A. supply is relatively elastic and demand increases over time. B. demand is relatively inelastic and supply increases over time. C. demand is relatively elastic and supply increases over time. D. supply is relatively inelastic and demand increases over time.
Answer the following statements true (T) or false (F)
1) An expansionary monetary policy is one that reduces the supply of money. 2) Changes in the interest rate are more likely to affect investment spending than consumer spending. 3) The job of the Fed in limiting the supply of money may be made more complex if commercial banks initially have substantial excess reserves. 4) When QE2 and Operation Twist were implemented, the Fed suspended its policy of forward commitment.