In which market structures is the firm able to earn long-run economic profits?
A) perfect competition and monopolistic competition
B) monopolistic competition and oligopoly
C) oligopoly and monopoly
D) monopolistic competition, oligopoly and monopoly
Answer: C
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When each firm is liable for taxes on total sales but can claim the taxes already paid by suppliers as a credit against liability we are using the
A. reserve method. B. chain method. C. invoice method. D. VAT method.
A consequence of a negative externality is that social costs __________ private costs, and the socially optimal level of output __________.
A. equal; is not equal to social costs or private costs B. do not equal; is obtained C. do not equal; is not obtained D. equal; is obtained E. equal; is not obtained
Among non-Hispanic whites, blacks, and Hispanics, the group with the highest poverty rate is ______.
Fill in the blank(s) with the appropriate word(s).
The current account section in a nation's balance of payments includes:
A. its goods exports and imports, and its services exports and imports. B. foreign purchases of domestic assets. C. purchases of foreign assets. D. all of these.