If the firm were a perfect competitor in the long run, how much would its output be?
17
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What is the goal of bank regulation?
a. to ensure borrowers have easy access to investable funds b. to maintain the solvency of banks by ensuring maximum profits c. to maintain the solvency of banks by avoiding excessive risk d. to prevent banks from engaging in profitable risk
Which of the following is not held constant when looking at an individual's demand curve?
a. income b. price c. preferences d. the availability of alternative goods
Which of the following is a good measure of economic prosperity?
a. The level of real GDP b. The growth rate of real GDP c. The level of nominal GDP d. The price level
The formula for the elasticity of supply is the percentage change in quantity supplied divided by the percentage change in price.
Answer the following statement true (T) or false (F)