When economic profits are zero for a firm, it means that:
A. accounting profits are also zero.
B. no firms will enter or exit the industry.
C. average revenue slightly above average total cost.
D. average variable costs are minimized.
Answer: B
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If the nominal money supply grows 5%, real income falls 2%, and the income elasticity of money demand is 0.8, then the inflation rate is
A) 3.0%. B) 3.4%. C) 6.6%. D) 7.0%.
Explain the law of one price and the theory of purchasing power parity. Why doesn't purchasing power parity explain all exchange rate movements in the short run? What factors determine long-run exchange rates?
What will be an ideal response?
Which of the following is an instance of employer prejudice that leads to wage differential?
a. Employers attempting to hire workers based on their marginal productivities b. Employers attempting to hire only male workers c. Workers attempting to work for only certain organizations d. Producers purchasing raw materials from selective suppliers e. Workers ready to work for any employer in the labor market
Which of the following statements is true of Bitcoin transactions?
a. All Bitcoin transactions are published on the Internet, but individuals' identifying addresses are kept confidential. b. Bitcoin customers' addresses are published on the Internet but the transaction details are kept confidential. c. In terms of confidentiality, Bitcoins rank slightly below checking accounts but far above cash transactions. d. One benefit of Bitcoins is they cannot be lost to computer hackers.