Ceteris paribus means:
A.) Leave the market alone.
B.) Noninterference by the government.
C.) Other things remaining equal.
D.) Things are always changing.
C.) Other things remaining equal.
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Today's U.S. dollar bills are "backed" by
A) nothing. B) Warren Buffet. C) barrels of oil. D) precious metals. E) U.S. Treasury Bonds.
The profit-maximizing price and quantity established by the unregulated monopolist in the above figure are
A) Q1 units of output and a price of P5. B) Q3 units of output and a price of P3. C) Q1 units of output and a price of P1. D) Q4 units of output and a price of P4.
Another term for the opportunity cost of capital is
A) the normal interest rate. B) the normal rate of return. C) a normal profit. D) a normal wage rate.
If potential output for an economy equals $8 billion, and actual output equals $7 billion, then this economy has a(n):
A. expansionary gap. B. budget deficit. C. recessionary gap. D. trade deficit.