Historically, the leading official reserve asset was
A) gold.
B) the U.S. dollar.
C) the British pound.
D) the German mark.
A
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In the United States, the productive factor that, as a group, receives the largest fraction of the nation's total income is
A) labor. B) consumption goods and services. C) land. D) entrepreneurshi
A real cost of tariffs and quotas that is difficult to measure is that they
A) encourage rent seeking. B) shift income from consumers to producers. C) limit the quantity of imports. D) reduce wages. E) cause deflation.
Which of the following is true in both perfect competition and monopoly?
a. Firms produce a differentiated product. b. Firms cannot earn economic profit in the long run. c. Individual firms have no ability to control the price of their output but must accept the market price. d. Firms go out of business in the long run if total revenue cannot cover total cost. e. Firms can earn economic profit in the long run.
A corporation's income is taxed
a. immediately after it is deposited in the bank. b. only before it is distributed to its owners. c. only after it is distributed to owners. d. both before and after it is distributed to owners.