A perfectly competitive firm in long run equilibrium will earn
a. zero economic profit.
b. a small positive economic profit.
c. a large positive economic profit.
d. zero accounting profit.
A
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Suppose that a more efficient way to produce a good is discovered, thus lowering production costs for the good. This will cause
A. a movement up along the current supply curve. B. a movement down along the current supply curve. C. a rightward shift of the supply curve. D. a leftward shift of the supply curve.
Refer to Table 2-9. What is Thailand's opportunity cost of producing one wristwatch?
A) 0.05 pounds of rice B) 20 pounds of rice C) 25 pounds of rice D) 60 pounds of rice
A worker who has invested in ________ skills will be ________ mobile than would otherwise be the case
A) occupation-specific; less B) occupation-specific; more C) ethical; less D) ethical; more E) occupation-nominal; less
When the real exchange rate rises
A) imports measured in terms of domestic output will rise. B) imports measured in terms of domestic output will fall. C) imports measured in terms of domestic output will never be affected. D) imports measured in terms of domestic output may rise or fall. E) imports measured in terms of foreign output will rise.