Which of the following is NOT correct concerning perfectly competitive firms in the long run?
A) Long-run economic profits are zero.
B) Price equals minimum long-run average cost.
C) Entrepreneurs earn the opportunity cost of their investment.
D) The opportunity cost of capital is zero.
D
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In terms of capabilities, education can be seen as:
A. contributing to better family planning. B. a factor that reduces income inequality in countries. C. a feature of more democratic regimes. D. something that requires a lot of funding, but produces very little return.
Which of the following quotations best captures the idea of opportunity cost?
a. "Opportunity knocks but once." b. "Every choice involves a sacrifice." c. "Let's not ask for the moon; we have the stars." d. "Fools rush in where wise men fear to tread." e. "All that glitters is not gold."
The quantity supplied by domestic producers in an importing country must be less than the quantity demanded by its population
a. True b. False Indicate whether the statement is true or false
In the Aggregate Demand - Aggregate Supply diagram in Figure 8.1, Box 1 should be filled with 
A. RGDP for Real Gross Domestic Product. B. PI for Price Index. C. AS for Aggregate Supply. D. AD for Aggregate Demand.