When a market consists of many small firms, it:
A. must be a perfectly competitive market.
B. cannot be a monopoly.
C. cannot be a monopolistically competitive market.
D. can only be an oligopoly.
Answer: B
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If the interest rate is 4 percent, the present value of $10,000 to be received one year from today is about
A) $9,246. B) $9,615. C) $10,816. D) $10,400.
Suppose real GDP is $12.1 trillion and potential GDP is $12.6 trillion. To move the economy back to potential GDP, Congress should
A) lower government purchases by $500 billion. B) raise government purchases by $500 billion. C) raise government purchases by more than $500 billion. D) lower taxes by an amount less than $500 billion. E) lower taxes by $500 billion.
ATC always exceeds AVC
Indicate whether the statement is true or false
Published in 1776, ________ was written by Adam Smith
A) "The General Theory of Employment, Interest, and Money" B) "The Communist Manifesto" C) "The Declaration of Economics" D) "An Inquiry into the Nature and Causes of the Wealth of Nations"