What differentiates a closed economy from other economies?
a. trading with many partners
b. very little international trade
c. heavy importing with few exports
d. an emphasis on goods over services
b. very little international trade
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If a perfectly competitive firm raised the price of its product,
A) its profits would increase. B) the quantity of output it sells decreases to zero. C) rival firms will follow suit and raise their prices also. D) the firm will be forced to advertise more. E) its total revenue would rise but its total cost would rise by more.
The Connecticut General Incorporation act:
a. was passed in 1797 and allowed private citizens to pursue liability claims against corporations. b. provided for the state legislature to grant charters. c. expanded the liability for English joint-stock companies. d. was passed in 1837 and made incorporation a right of anyone. e. None of the above are correct.
In 1979, when the Fed was deciding how aggressively to fight inflation, the typical estimate of the sacrifice ratio was
a. 1. b. 5. c. 7. d. 10.
If the marginal cost were $21, output would be
A. 1.
B. 2.
C. 3.
D. 4.