Which of the following is FALSE? All the BRICs
A) rank among the world's top 10 in population.
B) have been transformed by reforms.
C) have become more isolated and focused on domestic issues.
D) are among the world's top 11 economies.
E) have yet to fully realize their economic potential.
C
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When firms in a perfectly competitive market are earning an economic profit, in the long run
A) no new firms will enter the market. B) new firms will enter the market. C) firms will exit the market. D) the long-run average cost curve shifts downward. E) the initial firms continue to earn an economic profit.
How much is autonomous consumption when disposable income is $2 trillion?
A. 0
B. $1 trillion
C. $1.5 trillion
D. $2 trillion
A market is considered efficient if profit opportunities remain continually available.
Answer the following statement true (T) or false (F)
Refer to the figure above. The producer surplus before the imposition of the tax is given by the area ________
A) GHF B) GAE C) JBHF D) JBC