A perfectly competitive firm definitely makes an economic profit in the short run if price is
A) equal to marginal cost.
B) equal to average total cost.
C) greater than average total cost.
D) greater than marginal cost.
E) greater than average variable cost.
C
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The fact that some people can afford to live in beautiful homes while others are homeless, is most directly an example of an economy facing the ________ part of one of the two big economic questions
A) "for whom" B) "when" C) "how" D) "why"
In a small open economy, Sd = 200 + 500rw and Id = 300 - 200rw. If rw = 0.1, then net exports =
A) -50. B) -30. C) 30. D) 50.
If the price of a good increases and the total revenue also increases, the good has a(n)
A) elastic demand. B) inelastic demand. C) unit elastic demand. D) perfectly elastic demand.
The direct exchange of one good or service for another is called
A. a token exchange. B. barter. C. the exchange of purchasing power. D. a standard of deferred payment.