Recessions in the United States typically are:
A. widely felt outside the United States.
B. confined to the domestic economy.
C. limited to specific regions of the country.
D. limited to a few industries.
Answer: A
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A tax on buyers will cause the equilibrium price paid by the consumer to ________ and the equilibrium quantity to ________.
A. increase, decrease B. decrease, decrease C. decrease, increase D. increase, increase
When a binding price ceiling is imposed on a market for a good, some people who want to buy the good cannot do so
a. True b. False Indicate whether the statement is true or false
Jacinda quit her job as a blackjack dealer where she made $42,000 per year to start her own florist business. Her business expenses are $14,000 per year on rent, $21,000 per year on supplies, and $9,000 per year on part time help. As for her personal expenses, her apartment costs her $12,000 per year and her personal bills are an extra $6,000 per year. What is Jacinda's opportunity cost of running the business?
A. $104,000 B. $86,000 C. $62,000 D. $44,000
In a perfectly competitive market, firms will earn zero economic profits in the long run.
Answer the following statement true (T) or false (F)