A monopolistically competitive firm ________ in the long run
A) earns low but positive economic profits
B) earns high economic profits
C) earns zero economic profits
D) incurs losses
C
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Hyundai is a large South Korean company that produces finished steel products. Hyundai plans to buy raw steel from U.S. Steel. As a result, the demand curve for U.S. Dollars ________ and the demand curve for South Korean Won ________
A) shifts rightward; does not shift B) shifts rightward; shifts leftward C) does not shift; shifts leftward D) shifts leftward; shifts rightward
Barter requires
a. that the exchanged goods be portable b. that the exchanged goods be durable c. a double coincidence of wants d. that the exchange medium be divisible e. an effective middleman
If interest rates fall due to a monetary expansion, normally this would:
(a) Lead to lower economic growth. (b) Lead to higher economic growth. (c) Lead to deflation. (d) None of the above.
When the federal government's budget is in deficit, additional funds are acquired through
A. the sale of Treasury bills, notes, and bonds. B. borrowing from the Federal Reserve System. C. excise taxes on such items as alcohol, tobacco, and firearms. D. government savings accumulated during surplus years.