In low-income LDCs, per capita income is typically _______ and per capita growth rate is ________
a. between $100 and $500 per year; negative or less than 2 percent per year
b. between $1000 and $5000 per year; 2 to 10 percent per year
c. between $10,000 and $50,000 per year; typically negative
d. between $1 and $50 per year; negative
e. between $0 and $100 per year; negative
A
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Consumers benefit from monopolistic competition by
A) paying the same price as everyone else. B) being able to purchase high-quality products at low prices. C) paying the lowest possible price for the product. D) being able to choose from products more closely suited to their tastes.
Financial firms whose loans are often $100 or less operate in ________
A) the microcredit market B) the hedge fund industry C) the macrofinance market D) the credit union sector
The owner of a perfectly competitive firm is currently earning an economic profit of zero. This owner
A) should shut down since profits of zero are not good. B) should raise the price of the product to increase profits. C) is covering all of his fixed costs. D) will continue producing in the short-run but will shut down in the long run if profits do not increase.
If there was no profit effect, but there was a misperception effect in the short run, then SRAS is ____ and LRAS is ____
a. upward sloping; upward sloping b. upward sloping: vertical c. vertical; upward sloping d. vertical; vertical