Most Americans
a. have accurate perceptions of the level of corporate profits.
b. underestimate corporate profits.
c. overestimate corporate profits.
d. believe that corporations earn zero profit.
c
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GDP ignores all of the following EXCEPT
A) household production. B) changes in the environment that occur in the production of output. C) the value of leisure time. D) products produced in other countries that are sold in the United States.
Which of the following does NOT represent a possible shape of the long-run average cost curve?
A) downward sloping B) upward sloping C) U-shaped D) vertical
From 2007 to 2008, the Federal Reserve System reduced interest rates, the price which borrowers pay. As a result, economists expected the quantity of money demanded to
a. increase. b. decrease. c. not change. d. not change, although the demand schedule itself will shift outward.
The demand curve facing an oligopoly firm is kinked because
A. It is most likely that competitors will match price hikes as they practice price leadership. B. It is most likely that rivals will match price cuts but not price increases. C. Its competitors will match only price hikes. D. The demand curve that is most inelastic is the most probable situation facing the company.