The long-run industry supply curve in perfect competition is derived from the
a. short-run industry supply curve which shifts as new firms enter the industry.
b. short-run industry supply curve which shifts as old firms exit the industry.
c. freedom of firms from sunk costs so that new cost curves become long-run curves.
d. All of the above reasons.
d
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Each of the following is an example of capital, except
A. an office building. B. gold. C. an assembly line. D. a computer system
The above table shows production combinations on a country's production possibilities frontier. Which of the following is an example of a point that is unattainable?
A) 0 units of good X and 40 units of good Y B) 6 units of good X and 28 units of good Y C) 10 units of good X and 16 units of good Y D) 3 units of good X and 35 units of good Y
When a nation experiences economic growth:
A) its production possibilities curve shifts outward. B) its production possibilities curve shifts inward. C) it has been able to reach full employment. D) it has moved to a more consumer-oriented position on its production possibilities curve.
Speculators in the financial market are:
A. largely thought to be detrimental to the overall health of the financial system. B. illegal, and often work in the "grey" markets despite this. C. seen by most as necessary for the health of the financial system. D. debated by some as to whether they contribute to the financial system's success.