The ________ for a perfectly competitive industry is the horizontal sum of the individual firms? marginal cost curves above AVC.
A. short-run industry marginal revenue curve
B. long-run industry supply curve
C. long-run industry marginal revenue curve
D. short-run industry supply curve
Answer: D
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The switch to the use of ethanol in gasoline is driven primarily by its relatively lower price. Assuming a competitive market, what effect would this change have on the equilibrium price and output for gasoline?
A) Price rises, output falls. B) Price falls, output rises. C) Price rises, output rises. D) Price falls, output falls.
The following is not an appropriate way to tell whether two variables are cointegrated:
A) see if the two variables are integrated of the same order. B) graph the series and see whether they appear to have a common stochastic trend. C) perform statistical tests for cointegration. D) use expert knowledge and economic theory.
Which of the following is not included in the M1 money stock?
a. small time deposits b. demand deposits c. checking account deposits d. travelers' checks e. cash in the hands of the public
What was a secondary objective of the Bretton Woods system?
a. help defeat communism and promote peace b. strengthen the concept of trade reciprocity c. reinstate isolationist policy for the U.S. d. establish the U.S. as economic hegemon