If an individual perfectly competitive firm charges a price ________ the industry equilibrium price while competitors charge the equilibrium price, the firm will not sell any of what it produces.
A. equal to
B. above
C. below
D. More information is needed to answer the question.
Answer: B
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A government-set price floor on a product
A. is intended to benefit the buyers of the product. B. will attract more resources towards the production of the product. C. does not interfere with the rationing function of price in a market system. D. will drive resources away from the production of the product.
Between 1860 and 1910, value added by the top ten manufactures roughly
a. doubled. b. tripled. c. increased by 500% (a factor of five). d. increased by 1000% (a factor of ten).
Which of the following is FALSE?
A) Current account deficits must be financed through inflows of capital. B) Loans from abroad add to a country's stock of external debt and generate debt service. C) Borrowed funds are always used in a manner that contributes to the expansion of the country's productive capability. D) Debt service can become an unsustainable burden that holds back development.
A checkable account
A) is a very illiquid asset. B) is one on which the holder can write checks. C) must be traded on the stock exchange. D) cannot serve as a store of value.