Any uses of current income for purposes other than purchasing currently produced domestic goods and services are called an injection. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
The manager of a perfectly competitive firm has to decide: A) the quantity of output the firm should produce. B) the price the firm should charge for its output. C) the quantity of output the firm should produce and the price it should charge. D) neither the quantity of output the firm should produce nor […]
Date: September 10th, 2020
Banks and other financial institutions engage in financial intermediation, which A) can hurt the performance of the economy. B) can benefit economic performance. C) has no effect on economic performance. D) involves borrowing from investors and lending to savers. ANSWER B
Date: September 10th, 2020
A fixed exchange rate system where central banks buy and sell gold to keep exchange rates at a given level is called the: A) fixed standard. B) flexible standard. C) fiat standard. D) gold standard. ANSWER D
Date: September 10th, 2020
The exchange rate is determined by the interaction of the supply and demand for currencies in which exchange rate system is: A) fixed. B) flexible. C) all of the above. D) none of the above. ANSWER B
Date: September 10th, 2020
“Personalized pricing” and “group pricing” are examples of: A) first-degree and second-degree price discrimination, respectively. B) second-degree and third-degree price discrimination, respectively. C) first-degree price discrimination. D) first-degree and third-degree price discrimination, respectively. ANSWER D
Date: September 10th, 2020
You have the following demand equation for a pack of cigarettes: Q = 200 – 0.30P with the average quantity 3 packs and average price $3.00 per pack. What is the price elasticity? A) 0.30 B) -0.30 C) 1.0 D) -1.0 ANSWER B
Date: September 10th, 2020
The demand curve faced by the individual perfectly competitive firm is: A) downward sloping. B) upward sloping. C) horizontal. D) vertical. ANSWER C
Date: September 10th, 2020
The total collection of pieces of property that serve to store value is a person’s A) wealth. B) income. C) money. D) credit. ANSWER A
Date: September 10th, 2020
Consumers don’t care which supplier they buy from in a perfectly competitive market because: A) the outputs of the firms in a perfectly competitive market are all the same. B) the consumers have no choice regarding who they buy from. C) price is always low enough that the choice of supplier doesn’t matter. D) all […]
Date: September 10th, 2020
