We expect the demand curve in the perfectly competitive industry to be
a. negatively sloped.
b. vertical.
c. horizontal.
d. perfectly elastic.
a
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Economic profits are:
A) Total revenue minus total cost B) Marginal revenue minus marginal cost C) Total revenue minus total opportunity cost D) Total profits of the economy as a whole
By international standards, the household saving rate of the United States:
A. was low through the 1970s and 1980s, but increased throughout the 1990s to become one of the highest. B. has not ever really been high. C. was extremely high until the 1980s. D. has always been very high.
The phase of the business cycle that follows a recession is known as the:
A. peak. B. recession. C. recovery. D. trough.
Checkable deposits are:
A. Debts of commercial banks and savings institutions B. Debts of the Federal government and government agencies C. Assets of the Federal government and government agencies D. Assets of commercial banks and savings institutions