A single-price monopolist
A) sets its price where its demand is inelastic.
B) can always increase its profits by increasing its price.
C) has its marginal revenue less than its price.
D) is guaranteed an economic profit.
C
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If inflation is positive and is perfectly anticipated,
A) those that lend money lose. B) those that hold paper money lose. C) those that borrow money lose. D) no one in the economy loses.
If a firm hires labor for $8,000, pays rent of $4,000, buys raw materials for $13,000 from another firm, earns profits of $1,200, and sells its output for $31,000, the value added by the firm is _____
a. $4,800 b. $10,000 c. $18,000 d. $25,000 e. $26,200
Louise is unemployed due to a decrease in the demand for workers with a knowledge of a certain word processing language. This is an example of:
a. cyclical unemployment. b. frictional unemployment. c. involuntary unemployment. d. structural unemployment.
A tax multiplier equal to –4.30 would imply that a $100 tax increase would lead to a
a. $430 decline in national income b. $430 increase in national income c. 4.3 percent increase in national income d. 4.3 percent decrease in national income e. 43 percent decrease in national income