At its shutdown point, a perfectly competitive firm earns total revenue that
A) exceeds its total cost.
B) generates a normal profit.
C) just equals its total variable cost.
D) exceeds its total variable cost.
C
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Adjustments in ________ take the economy from the short-run equilibrium to the long-run equilibrium
A) imports and exports B) wages and prices C) the multiplier D) interest rates
An in-kind transfer is a
A. transfer made by people to be kind to others. B. transfer of wealth. C. transfer of goods and services instead of cash. D. system of clearing checks by local banks.
Elasticities are used to measure responses to a change in:
A. the price of a good. B. the price of a related good. C. income. D. All of these are true.
If an economy produces 2,000 units of output with a price level of $2 and the money supply (M) is $1,000, velocity is:
A. 4. B. 500. C. 1. D. 2.