A measure by which prices are expressed is a(n)
A. medium of exchange.
B. unit of accounting.
C. store of value.
D. standard of deferred payment.
Answer: B
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In the short run, a perfectly competitive firm can earn positive, zero, or negative profit depending on the market price of the firm's output
Indicate whether the statement is true or false
In the short run, a perfectly competitive firm earning negative economic profit is
A) on the downward-sloping portion of its ATC curve. B) at the minimum of its ATC curve. C) on the upward-sloping portion of its ATC curve. D) above its ATC curve.
Suppose total disposable income in Country X rises by $500 billion while total consumption rises by $50 billion. What would be the slope of the consumption function for this nation?
a. 1 b. 0.1 c. 0.5 d. 0.25 e. 0.4
One reason why economists often appear to disagree when asked about the impact of some bad economic news is that
a. they do not understand the economy very well b. economics is a very difficult science, and so there are many incorrect economic projections being made c. economists rarely disagree; people just think they are disagreeing because they do not understand the language of economics d. economists often appear to be disagreeing when one is talking about long-run impact while the other is referring to short-run impacts e. economists are by nature competitive individuals and they often disagree