If the price of a good in the U.S. is $10, the exchange rate is 2 units of foreign currency per dollar, and the foreign price of the same good is 30 units of foreign currency, then the real exchange rate is 2/3

The members of a society can assign tasks according to ability and distribute benefits in accordance with need only

A) if the government controls the economy. B) if they have a workable procedure for assessing abilities and needs. C) in a socialist or, more likely, a communist society. D) when there are enough of them to assure competent performance of all necessary tasks. E) when they are committed to equity as well as efficiency.

A perfectly competitive firm that is producing a positive quantity of a good maximizes its economic profit if it produces so that

A) total revenue = total cost. B) marginal revenue = marginal cost. C) average revenue = average total cost. D) average total cost = average variable cost.