In the long run when a perfectly competitive firm experiences positive economic profits,
A) firms exit the industry, the market supply curve shifts rightward, and the market price falls.
B) firms enter the industry, the market supply curve shifts rightward, and the market price falls.
C) firms exit the industry, the market supply curve shifts leftward, and the market price rises.
D) firms enter the industry, the market supply curve shifts rightward, and the market price rises.
B
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The four categories of expenditure used by the expenditure approach method to calculate GDP are
A) consumption expenditure, taxes, saving and investment. B) consumption expenditure, investment, net imports and saving. C) saving, taxes, government expenditure and investment. D) consumption expenditure, investment, government expenditure and net exports.
Why will it difficult for the Fed to use monetary policy to direct the economy back to full employment and price stability from the recession of 2008-2009?
What will be an ideal response?
Economists are concerned with ______ behavior.
a. industrial b. human c. chemical d. government
A welfare payment that is reduced when the recipient earns more income is a(n):
A. unconditional benefit. B. fair benefit. C. inducement for the poor to find employment. D. means-tested benefit.