Use the following graph for a monopolistically competitive firm to answer the next question.
If curve (2) represents ATC and line (3) represents demand, then curve (1) and line (4) would be
A. MC and TR, respectively.
B. TC and TR, respectively.
C. AVC and MR, respectively.
D. MC and MR, respectively.
Answer: D
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Which of the following statements is true?
a. Discrimination against women and blacks reduces the demand for these workers resulting in lower wages paid these workers. b. Discrimination is no longer a problem in the United States. c. A negative income tax system is a plan where everyone pays the same percentage of their income as taxes. d. A negative income tax system is a plan where those below a certain income receive a cash payment from government.
The natural rate of unemployment is the
a. unemployment rate that would prevail with zero inflation. b. rate associated with the highest possible level of GDP. c. difference between the long-run and short-run unemployment rates. d. amount of unemployment that the economy normally experiences.
A government budget deficit occurs when government expenditures are:
a. Less than government revenues b. Greater than government revenues c. Increasing and government revenues are increasing d. Decreasing and government revenues are decreasing
Explain why a nation is a borrower if its current account is in deficit at a given point in time.
What will be an ideal response?