The determinants of macro outcomes include all of the following except
A. Prices.
B. Policy levers.
C. Internal market forces.
D. External shocks.
Answer: A
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Anticipated inflation is associated with cost increases which are fully expected
Indicate whether the statement is true or false
If exports exceeded imports it would be called a trade __________.
Fill in the blank(s) with the appropriate word(s).
Refer to the graphs shown, which depict a perfectly competitive market and firm. If market demand decreases from D0 to D1, the firm will:
A. earn negative economic profit in the short run. B. earn positive economic profit in the short run. C. earn positive economic profit in the long run. D. raise the price it charges.
You are a manager in a perfectly competitive market. The price in your market is $14. Your total cost curve is C(Q) = 10 + 4Q + 0.5Q2. What level of profits will you make in the short run?
A. $40 B. $80 C. $20 D. $60