The________________is reached when marginal costs and marginal revenue are equal.
Fill in the blank(s) with the appropriate word(s).
Ans: profit-maximizing quantity of output.
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Which of the following does NOT describe why Britain adopted the pegged system (the Exchange Rate Mechanism [ERM]) in 1990?
A) There were benefits to trade and other forms of cross-border exchange. B) Britain wanted to hold onto the pound as its currency. C) It was a member of the European Union and fixed rates were good for trade with other members. D) It hoped to participate in the new common currency when it was launched.
Eighteenth century declines in Atlantic and Caribbean shipping costs were due to:
a. the reduction in armaments on commercial vessels. b. decreased crew sizes. c. falling insurance rates. d. reduced layover times in ports. e. All of the above.