In the United States the underground economy has been valued at around:
A. 9 percent to 10 percent of GDP.
B. 2 percent or 3 percent of GDP.
C. 7 percent or 8 percent of GDP.
D. 5 percent to 6 percent of GDP.
Answer: C
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Banks hold capital because
A) they are required to by regulatory authorities. B) higher capital increases the returns to the owners. C) it increases the likelihood of bankruptcy. D) higher capital increases the return on equity.
In a perfectly competitive resource market the Marginal Revenue Product Curve is
A) vertical. B) horizontal. C) downward-sloping. D) upward-sloping.
If advertising makes demand of a product more elastic, it makes sense for a firm to
a. Decrease the price of the product b. Increase the price of the product c. Leave the price unchanged d. None of the above
Entry of new firms causes
A) accounting profits to go to zero. B) market share to grown. C) economic profits to go to zero. D) total revenue to be maximized.