In the short-run, a perfectly competitive firm can earn normal profits or above normal profit but it cannot incur losses
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following was not an export of the Southern colonies?
a. deerskins b. bulk unfinished iron c. tobacco d. rice e. All of the above were exports from the Southern colonies.
What kind of garbage tends to be recycled in the United States?
a. hazardous materials that must be transformed chemically into less dangerous substances b. biodegradable materials c. foodstuffs d. aluminum, paper, and other materials that have high commercial value e. appliances that can be salvaged from dumps and repaired
A reduction in government taxes causes:
a. The monetary base to either rise or fall, depending on the state of the economy. b. No change in the monetary base. c. The monetary base to fall. d. The monetary base to rise.
Figure 10-5
In Figure 10-5, which graph best illustrates the situation of an economy near full employment that experiences an increase in autonomous consumer spending?
a.
(1)
b.
(2)
c.
(3)
d.
(4)