A financial asset is
a. a unit of physical capital with a positive market value
b. any asset that generates a stream of income
c. a share in the ownership of a productive enterprise
d. a form of money
e. a promise to pay future income in some form
E
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If a perfectly competitive firm is producing the short-run profit-maximizing quantity and is earning negative economic profits, the firm should anticipate ________.
A) the market equilibrium price to decrease B) the market supply to increase C) new firms to enter the market D) the market equilibrium price to increase
If the inflation rate is decreasing while unemployment is increasing: a. the short-run Phillips curve must have shifted right
b. the short-run Phillips curve must have shifted left. c. it must have involved a movement along the short-run Phillips curve d. it would be inconsistent with any possible Phillips curve scenario.
Refer to the graph shown for a small country that is a price taker internationally.
Assume the foreign supply of this product is perfectly elastic at a price of $4 per unit. Starting from a free trade equilibrium, a tariff in the amount of $2 per unit would be expected to cause domestic consumption to:
A. decrease from 7,400 to 6,100. B. decrease from 4,800 to 3,600. C. increase from 2,400 to 7,400. D. increase from 2,400 to 3,600.
An excise tax on cigarettes is ________ and ________.
A. regressive; direct B. regressive; indirect C. progressive; direct D. progressive; indirect