In an open economy with global capital markets and mobile capital:
A) a country has control over both its domestic money supply and exchange rate.
B) a country has control of either its domestic money supply or exchange, but not both.
C) a country only has control over its domestic money supply.
D) a country only has control over its exchange rate.
B
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According to Robert E. Hall and Charles Jones, successful economic performance requires
A) a favorable infrastructure of rules and institutions. B) minimizing corruption and criminality. C) the use of one of the eight major international languages. D) A and B. E) all of the above.
Which of the following are elements for markets that resemble perfect competition?
a. flat demand curves; easy exit; easy entry b. steep demand curves; difficult exit; easy entry c. flat supply curves; easy exit; difficult entry d. steep supply curves; difficult exit; difficult entry
If an industry is in long-run perfectly competitive equilibrium
A. all firms will be earning economic profits. B. most firms will be earning economic profits. C. a few firms will be earning economic profits. D. no firm will be earning an economic profit.
Use the above figure. The total profit earned by this monopolistically competitive firm is
A. $1,600. B. $480. C. $1,900. D. $2,560.