Which of the following was the reserve currency under the gold exchange standard?
a. U.S. dollar
b. Euro
c. Great Britain pound
d. Australian dollar
e. Deutsche mark
QUESTION 2What are the main differences between a monopolist and a perfectly competitive firm?
QUESTION 3Why is there a supply point and not a supply curve for a monopolist?
a. A monopolist cannot affect the market price by changing its supply.
b. A monopolist produces a homogeneous product having similar substitutes.
c. A monopolist equates the price which it charges with its marginal cost.
d. There is only one quantity and price at which a monopolist operates.
e. A monopolist supplies to a large number of consumers.
QUESTION 4In perfect price discrimination, consumer surplus is zero because each consumer pays:
a. the market price.
b. the cost price.
c. peak load price.
d. the reservation price
QUESTION 5In effect, during the period immediately following World War II, the world was on a(n):
a. gold standard.
b. flexible-exchange-rate standard.
c. U.S. dollar standard.
d. exchange-rate standard dictated by Germany
e. pegged-exchange rate standard.
QUESTION 6Bundling of products becomes _____, if the valuations of different customer groups are _____.
a. more profitable; positively correlated
b. less profitable; perfectly elastic
c. less profitable; positively correlated
d. more profitable; perfectly elastic
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