If an individual borrows $100, and pays back $100 after a year to settle his loan, it implies that the rate of interest is:
A) 0 %. B) 100%. C) 1%. D) 10%.
A
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In theory, the long-run supply curve for perfectly competitive market firms who are identical is:
A. downward sloping. B. perfectly elastic. C. upward sloping. D. perfectly inelastic.
Which of the following positions would a mercantilist support?
A. Trade in manufacturing goods is good for the United States. B. Imports to the United States from Japan are beneficial to the United States. C. Exports from Japan to the United Kingdom are beneficial to Japan. D. Movement of labor from the United Kingdom to the United States is beneficial to the United States.
The industry demand for labor in a competitive labor market
a. is the same as the individual demand for labor in a perfectly competitive market b. is a horizontal curve at the market wage rate c. slopes upward when there are diminishing returns d. is the sum of the individual firms' demand curves for labor e. is downward sloping only if all firms that employ labor are identical
The market equilibrium for a public good occurs at the intersection of the market demand and market supply curves
a. True b. False Indicate whether the statement is true or false