The extent to which people move from one income quintile to another over time is called _____
a. migrancy
b. moveability
c. mobility
d. exchangeability
e. transferability
c
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Use the following graph for a perfectly competitive firm generating a loss in the short run to answer the next question.
Which of the following market changes would allow the firm to earn an economic profit?
A. an increase in the number of firms entering the industry B. a decrease in market demand C. a decrease in the price of the industry's product D. an increase in market demand
After a $3 per-unit tax on seeing movies in theaters is imposed, attendance falls from 4,000 a week to 3,000 a week. The revenue from the tax is
A) less than $9,000 a week. B) $9,000 a week. C) between $9,000 a week and $12,000 a week. D) some amount that cannot be calculated without more information.
A country that must inhibit imports should give preference to
a. quotas over tariffs because quotas are less likely to distort trade patterns between nations. b. tariffs over quotas because, unlike quotas, tariffs offer no special benefits to inefficient exporters. c. export subsidies over quotas or tariffs because export subsidies can protect a nation's domestic producers. d. an embargo wherever possible because an embargo can serve as a political weapon in addition to being a "trade stopper."
Suppose that the economy is in long-run equilibrium and the central bank decided to engage in unexpected expansionary policy by increasing the money supply. If we assume rational expectations, which of the following statements is correct about the effect of expansionary policy in the long run?
A. The unemployment rate will increase, real Gross Domestic Product (GDP) will increase and the price level will increase. B. The unemployment rate will decrease, real Gross Domestic Product (GDP) will decrease and the price level will decrease. C. The unemployment rate will remain unchanged, real Gross Domestic Product (GDP) will remain unchanged and the price level will increase. D. The unemployment rate will remain unchanged, real Gross Domestic Product (GDP) will remain unchanged and the price level will decrease.