Which of the following characterizes long-run equilibrium in perfect competition?
A) P = MC = ATC
B) P = MC < ATC
C) P > MC = ATC
D) P = MC > ATC
A
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The dominance of banks in Germany comes at the expense of __________ markets there
A) securities B) government bond C) consumer borrowing D) foreign exchange
The president of the United States receives tax policy advice from economists in the
a. Federal Reserve. b. Department of Justice. c. Department of the Treasury. d. Congressional Budget Office.
Identify the correct sequence of economic integration starting from the least integrated to the most integrated.
a.free trade area, customs union, economic union, political union, and common market b. free trade area, customs union, common market, economic union, and political union c. common market, free trade area, customs union, economic union, and political union d. free trade area, common market, customs union, economic union, and political union e. common market, free trade area, customs union, political union, and economic union
Inflation is a:
A. movement of the economy toward full employment. B. sustained rise in the general level of prices. C. one-time change in the general level of prices. D. sustained decline in the general level of prices.