A "capitalist" is someone who:
A. owns stock.
B. holds a treasury bond.
C. opens a retirement account.
D. All of these statements are true.
D. All of these statements are true.
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Under pure competition, the market price of an output is $3. The output schedule of a firm using input X is listed in the table below. If the price of input X is $12, how many units of input X will the firm employ to maximize profits?Units of XMarginal Product110.029.938.847.756.665.574.483.392.2
A. 5 B. 7 C. 4 D. 9
If the firms in a monopolistically competitive industry are earning short-run profit, which of the following is not likely to occur in the long run?
a. New firms will enter the industry. b. New firms in the industry will draw customers away from existing firms. c. Existing firms in the industry will face a decrease in demand. d. Firms will continue to earn profit. e. Firms will produce with some excess capacity.
Using the aggregate expenditure-output model, assume the aggregate expenditures (AE) line is above the 45-degree line at full-employment GDP. This vertical distance is called a(n):
a. inflationary gap. b. recessionary gap. c. negative GDP gap. d. marginal propensity to consume gap.
Suppose that you borrow $10,000 for one year, and at the end of the year, you must repay $10,350. The interest rate is
A. 10.35 percent. B. 2.7 percent. C. 6.5 percent. D. 3.5 percent.