Suppose that in a perfectly competitive market, firms are making economic profits. In the long run, we can expect to see:
A. some firms leave.
B. the market price rise.
C. market supply shift to the left.
D. economic profits become zero.
Answer: D
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Over the past 110 years, real GDP per person in the United States has grown at an average rate of about ________ per year
A) 1 percent B) 2 percent C) 5 percent D) 10 percent E) 7.5 percent
During the expansion phase of the business cycle, which of the following eventually increases?
A) income B) production C) employment D) all of the above
Basis may change if
A. a new ethanol plants is built locally. B. a large capacity train terminal is built by CGB. C. a drought resulted in a short crop. D. All of the above.
The statement "the unemployment rate is 5.1%" is an example of a
A. normative statement. B. non-verifiable statement. C. value judgement. D. positive statement.