What is the largest possible loss that is consistent with a firm producing in a perfectly competitive market in long-run competitive equilibrium?
a. An amount equal to (price less average variable cost).
b. An amount equal to total variable.
c. Zero.
d. An amount equal to total fixed cost.
c
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Which of the following is a government-inhibited good?
A) a lighthouse B) national defense C) public education D) cocaine
If the aggregate supply curve is flat,
A. expansionary fiscal or monetary policy will cause a good deal of inflation with little increase in real output. B. expansionary fiscal or monetary policy will buy large gains in real output at low cost in terms of inflation. C. a contractionary stabilization policy is an effective way to reduce inflation. D. decreasing the income tax will not shift aggregate demand.
The sum of the MPC and the MPS is always:
a. greater than 1. b. less than 1. c. equal to 1. d. equal to zero. e. between 0 and 1.
Which of the following assets would be considered least liquid?
a. A silver coin b. An antique automobile c. A U.S. savings bond d. A debit card e. A certificate of deposit