Per capita GNP is defined as a country's GNP divided by its
A) population.
B) labor force.
C) capitalists.
D) None of the above.
A
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Which is not true for a monopolistically competitive industry?
A. Firms tend to operate with excess capacity. B. Firms operate at the lowest point of their ATC curves in the long run. C. Each firm faces a downward-sloping demand curve. D. These firms earn zero economic profits in the long run.
The sales of firms can
A) flow with the business cycle. B) oppose the business cycle. C) be largely independent of the business cycle. D) all of these choices.
The longer the actual unemployment rate remains below what had been the natural rate, the more the natural rate itself increases
Indicate whether the statement is true or false
In Perfect Competition in long run equilibrium:
a) The firm is productively efficient. b) The firm is allocatively inefficient. c) The firm is both productively efficient and allocatively efficient. d) The firm is productively inefficient.