The receipt of a Social Security benefit check would be considered part of
a. GDP.
b. NI.
c. NNP.
d. PI.
d. PI.
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In the long run, monopolistically competitive firms will not earn economic profits because
A) average total cost will shift up to meet the demand curve. B) input prices will be bid up. C) production will not be at minimum average cost. D) new firms will enter the industry.
A price floor on corn would have the effect of
a. creating a surplus regardless of the level at which the price floor is set b. creating a surplus supply when the floor is above the equilibrium price c. creating a shortage when the price floor is set below the equilibrium price d. creating a shortage regardless of where the price floor is set e. ensuring a more equitable distribution of the good among consumers
Which of the following is likely to have the most price elastic demand?
a. scissors b. fruit c. music downloads d. toothpaste
When there is a permanent fall in the domestic money supply, the exchange rate:
a. falls in the short run and rises slightly in the long run. b. falls in the short run and falls more in the long run. c. rises in the short run and falls slightly in the long run. d. rises in the short run and rises more in the long run.