Which of the following is true of the European Currency Unit?
a. It was used by the European nations as a medium of exchanging goods and services.
b. It was an accounting entry that was transferred between two European nations.
c. It was replaced by the euro in the early 1980s.
d. It was denominated in the British pound.
e. It was a primary international reserve asset of most of the nations across the world.
b
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Refer to the table above. If the firm is a monopolistic competitor, up to what output will the firm produce?
A) 2 units B) 4 units C) 5 units D) 6 units
Which of the following would result in a higher absolute value of the price elasticity of demand for a product?
A) The time period under consideration is short. B) The good is a necessity. C) The expenditure on the good is small relative to one's budget. D) A wide variety of substitutes are available for the good.