Which of the following is false?
a. Long run equilibrium in monopolistic competition results in zero economic profits
b. Monopolistic competitor's demand curves are likely to be more elastic than those of monopolists.
c. Monopolistic competition results in a greater variety of products than perfect competition.
d. Monopolistic competition's zero economic profit long run equilibrium is efficient, like the zero profit equilibrium in perfect competition.
d
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According to Keynesian economic theory, the government should spend money to pay down the national debt.
a. during an economic depression. b. in order to balance the budget. c. only if it is willing to raise taxes. d. on the military instead of on domestic issues.
With regard to the characteristics of production indifference curves, which of the following statements is/are NOT true?
A. Higher curves correspond to larger outputs. B. An indifference curve will generally have a negative slope. C. An indifference curve is typically assumed to curve inward toward the origin near its middle. D. All of the responses are true for production indifference curves.
The consumers that the CPI is based on includes:
A. unemployed persons in urban areas. B. "urban consumers." C. professors. D. All of these are included.
Which of the following is NOT a major foreign exchange center?
a. London b. New York c. Tokyo d. Chicago