Entry to and exit from ________ market are easy.
A. a monopoly
B. a contestable
C. an oligopolistic
D. All of the above are correct.
Answer: B
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Which of the following shifts both the LAS and SAS curves?
A) a change in the price level B) a change in the money wage rate C) a simultaneous change in both the price level and the money wage rate D) an advance in technology
The price that represents the shutdown point for a perfectly competitive firm is the
a. highest point on the marginal cost curve b. lowest point on the marginal cost curve c. highest point on the average variable cost curve d. lowest point on the average variable cost curve e. lowest point on the average total cost curve
Zelzar has decided to end its policy of not trading with the rest of the world. When it ends its trade restrictions, it discovers that it is importing incense, exporting steel, and neither importing nor exporting rugs. Which groups in Zelzar are better off as a result of the new free-trade policy?
a. producers of incense and consumers of steel b. consumers of all three goods c. consumers of incense and producers of rugs d. producers of steel and consumers of incense
Eight years ago you purchased an asset for $100,000 that has yielded a nominal capital gain of $30,000. If you sold the asset today, your inflation-adjusted capital gains would be zero due to inflation over the last eight years. The capital gains tax is 28 percent. If you sold the asset today your tax liability would be
A. zero. B. $28,000. C. $8,400. D. cannot be determined without more information.