Which of the following is a defining characteristic of all perfectly competitive markets?
A. The market demand curve is perfectly elastic.
B. All firms sell the same standardized product.
C. Consumers display strong brand loyalty.
D. Each firm in the market faces a perfectly inelastic demand curve.
Answer: B
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When determining value added, national income accounting systematically ignore
A) accounting profits. B) economic profits. C) accounting losses. D) the expected market value of unsold inventory.
If international trade is restricted by the government of a country:
a. the domestic consumers are benefited. b. the domestic producers are adversely affected. c. the domestic consumers pay higher prices for imported goods. d. the resources are equally distributed among domestic and foreign producers. e. the resources are allocated to their highest paid uses.
A high-income household usually is headed by ________ , while a low-income household is usually headed by ________
a. a well-educated working couple; a single parent who is not working b. a highly-educated working female; two middle-aged well-educated adult workers c. a young poorly-educated working male; an old and highly educated male d. a poorly-educated working couple; a well-educated working couple
In 2011, which category represented the largest category of spending for the U.S. federal government?
a. health b. income security c. national defense d. net interest