When a firm in a competitive market is earning profits, this indicates that the firm is
a. exploiting consumers.
b. increasing the value of resources.
c. blocking the entry of competing firms.
d. reducing overall wealth in the market.
B
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Social security provides payments
A) for food so that the poor can obtain a basic diet. B) to aid married families with dependents. C) to unemployed able-bodied workers. D) to retired and disabled workers.
In Figure 4-6 above, suppose we are initially at point 2. A reduction in government spending causes income to change by ________ and the interest rate to change by ________ than would be the case in the Chapter 3 model
A) more, more B) more, less C) less, more D) less, less
A consumer expenditure survey reports the following information on consumer protein spending: 20052006 PriceQuantityPriceQuantityFish$55$77Chicken$310$412Beef$67$510Using 2005 as the base year, by how much does a "cost of protein" index increase between 2005 and 2006?
A. 8.6 percent B. 5.2 percent C. 14.3 percent D. 13.4 percent
Assume the following exchange rates for today: $1=140 yen and 1 Danish krone = $0.10. We can conclude
A) 1 yen = 280 kr. B) 1 yen = 14 kr. C) 1 kr. = 28 yen. D) 1 kr. = 14 yen.