In a perfectly competitive market industry, firm's prices are equal to
a. Average revenue
b. Marginal revenue
c. Both a and b
d. None of the above
c
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As defined by economists, interest is
a. only the amount earned by productive capital as a resource b. only the amount earned by land as a resource c. only the amount earned by lending money d. both the amount earned by productive capital as a resource and the amount earned by lending money e. both the amount earned by land as a resource and the amount earned by lending money
A tax levied on imported goods is called a(n):
a. excise tax. b. quota. c. foreign profits tax. d. tariff.
The purpose of a production possibilities graph is to:
a) enable a country to mobilize to win a war b) keep an economy from having nonproductive workers c) show alternative ways to use an economy's resources d) make it possible to increase an economy's output
Which form of business is also known as a closely held? corporation?
A. Master limited partnership B. Private corporation C. Public corporation D. Sole proprietorship E. Limited liability partnership