The coefficient that represents the average number of times a dollar is used to buy goods and services is called
a. the demand for money.
b. the quantity theory of money.
c. the price level.
d. the velocity of money.
D
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If a perfectly competitive firm made an economic profit in the short run, but not in the long run, it must be true that
a. prices for inputs increased b. demand declined c. new firms entered, supply increased, and price fell d. accounting profit exceeds economic profit e. labor costs are increasing
Bill spent $15,000 to buy equipment for his paper-cup manufacturing plant. According to an economist, the amount spent by Bill is: a consumption expenditure.a consumption expenditure. a. a saving
b. an investment. c. a tax to the government. d. a consumption expenditure.
According to the textbook, an efficient manager will be one who:
A. does not put much weight on recent performance. B. considers recent performance as the best indicator of an applicant's ability. C. weighs a candidate's weaknesses more heavily than the candidate's strengths. D. tends to favor early applicants in an employee search.
A(n) ________ industry has a single, unique product and blocked entry.
A. monopolistically competitive B. oligopolistic C. perfectly competitive D. monopolistic