Which of the following shows an accurate difference between (A) perfect competition and (B) monopolistic competition?
a. (A) Price is more than ATC; (B) Price is equal to ATC.
b. (A) Firms are productively inefficient; (B) Firm are productively efficient.
c. (A) Price equals marginal cost; (B) Price is more than marginal cost.
d. (A) Firms are allocatively inefficient; (B) Firms are allocatively efficient.
c. (A) Price equals marginal cost; (B) Price is more than marginal cost.
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International trade occurs because the ________ cost of producing specific goods differs across countries
a. variable b. fixed c. sunk d. opportunity
Figure 14-4
In , an unanticipated shift to a more restrictive monetary policy will shift
a.
AD to the right and temporarily increase real GDP.
b.
AD to the left and temporarily reduce real GDP.
c.
AD to the right and SRAS to the left and lead to higher prices (inflation).
d.
both AD and SRAS to the right and lead to an increase in real GDP.
When interest rates in the bond market go up
A. the price of existing bonds goes up. B. there is no impact on the price of existing bonds. C. the price of stocks goes up. D. the price of existing bonds goes down.
Answer the question on the basis of the following four tax schedules for the given base of taxable income. Which of the above tax schedules is a proportional tax schedule throughout?
A. A
B. B
C. C
D. D