Refer to Figure 4-3. At the equilibrium price of P1, consumers are willing to buy Q1 pounds of granola. Is this an economically efficient quantity?
A) Yes, because marginal cost is zero at the price of P1.
B) No, the marginal cost of the last unit (Q1 ) exceeds the marginal benefit of the last unit.
C) Yes, because P1 is the price where marginal benefit equals marginal cost.
D) No, the marginal benefit of the last unit (Q1 ) exceeds the marginal cost of that last unit.
C
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Which is considered fiat money?
(a) Greenbacks (b) Gold coins (c) Silver dollars (d) Silver certificates
What effect does the following transaction have on the U.S. balance of payments?(Choose the proper debit and credit entries.) U.S. residents purchase Mexican products and pay for them with U.S. dollars
a. Debit the U.S. financial account; credit the U.S. current account. b. Credit the U.S. financial account; debit the U.S. current account. c. Debit the U.S. financial account; credit the U.S. financial account. d. Credit the U.S. financial account; debit the U.S. financial account. e. Credit the U.S. financial account; debit the U.S. net errors and omissions account.