Long-run equilibrium is characterized by zero profits in
A) monopolistic competition only.
B) perfect competition only.
C) both perfect competition and monopolistic competition.
D) market structures in which there are barriers to entry.
Answer: C
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The Boy Scouts have so far sold 100 tickets for their upcoming raffle, but they sell an additional 12 tickets every day. The ________ is a stock variable, and the ________ is a flow variable.
A. number of tickets sold each day; total number of tickets available B. total number of tickets sold by the time of the raffle; number of tickets sold each day C. number of tickets sold each day; number of tickets sold so far D. number of tickets sold so far; total number of tickets sold by the time of the raffle
The sustained productivity growth of railroads occurred primarily because of:
a. increased economies of scale. b. more powerful locomotives and more efficient freight cars. c. stronger steel rails. d. the advent of refrigerator cars.
Which of the following is NOT a reason why an increase in the interest rate usually makes investment projects less attractive?
A. At a higher rate, future dollars are worth less compared to current dollars. B. A typical investment project incurs the majority of its costs early in its life. C. A typical investment project receives a disproportionate fraction of its revenue early in its life. D. At a higher rate, putting money into the bank is more attractive.
Stagflation consists of
A) high inflation and low unemployment. B) low inflation and high unemployment. C) high inflation and high unemployment. D) high unemployment and an economy in a deep recession. E) none of the above