In the long run in perfect competition, firms will operate at
a. minimum average total cost.
b. an average total cost that is just slightly above the minimum.
c. an average total cost that is about 10% above the minimum.
d. an average total cost that is below price.
A
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The sum of the balances of the three accounts of the balance of payments (the current account, the capital and financial account, and the official settlements account) is
A) positive if there is a balance of trade surplus or negative if there is a balance of trade deficit. B) negative if there is a balance of trade surplus or positive if there is a balance of trade deficit. C) equal to zero. D) positive if there is a balance of trade surplus. E) negative if there is a balance of trade deficit.
Which of the following events would most likely increase the price elasticity of demand for scalping tickets to Chicago Bears games?
a. new uniforms for the players b. a winning season c. a decrease in the number of seats available at the stadium d. a losing season e. an increase in the number of seats available at the stadium
Why are people today, in general, better fed, sheltered, and protected against disease than people were in the past?
a. increased economic growth b. lowered production costs c. more charitable organizations d. less government interference
The quantity theory of the demand for money states that a country's money demand is proportional to
A. the domestic interest rate. B. the exchange rate. C. the money value of gross domestic product. D. the level of domestic consumption.