The representative firm in a perfectly competitive industry
A. may earn either an economic profit or a loss in the long run.
B. will earn a normal profit in the long run.
C. will always earn an economic profit in the long run.
D. will always earn an economic profit in the short run.
Answer: B
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If the demand for money is Md = 100 +.25Y – 100r and then the increase in money demand rises by 100, the LM curve shifts to the
a. right by 400. b. right by 100. c. left by 200. d. left by 400. e. none of the above.
The ultimatum game reveals that
a. it does not make sense to try to maximize profits. b. people may have an innate sense of fairness that economic theory does not capture. c. offering someone a wildly unfair outcome is usually ok since people tend to make decisions using a "something is better than nothing" philosophy. d. Both a and b.
QN=62 (17781) The information below was reported by the World Bank. On the basis of this information, which list below contains the correct ordering of GDP per person from highest to lowest?
a. Kenya, Tanzania, Zimbabwe b. Tanzania, Kenya, Zimbabwe c. Zimbabwe, Kenya, Tanzania d. Zimbabwe, Tanzania, Kenya
Use the following table to answer the question below for Country Y. Column 1 is the price of a product, Column 2 is the quantity demanded domestically (Qdd), and Column 3 is the quantity supplied domestically (Qsd).PriceQddQsd$9.002504508.003004007.003503506.00400300At what price will Country Y export 100 units of the product?
A. $7.00 B. $9.00 C. $6.00 D. $8.00