Referring to a bank's t-account, equity refers to
A) the difference between total assets and total liabilities.
B) the sum of total assets and total liabilities.
C) the ratio of the total assets and total liabilities.
D) none of the above.
A
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If, for a perfectly competitive firm, price exceeds the marginal cost of production, the firm should
A) reduce its output. B) increase its output. C) lower the price. D) keep output constant and enjoy the above normal profit.
Which of the following is an example of cyclical unemployment?
a. A recent college graduate still looking for her first job b. A car salesman who loses his job because of a recession c. A ski instructor who is out of work during the summer d. An economics journalist who just quit her writing job in order to begin a new career as a college professor next month e. A worker displaced from his factory job because of greater mechanization in the workplace
Compared to an open economy without a tariff, the amount of imported sugar will drop from ________ tons to ________ tons after the tariff is imposed.
A. 60; 30 B. 40; 20 C. 80; 40 D. 20; 10
The market structure of monopoly exists when
A) there are a small number of interdependent firms that constitute the entire market. B) there is a single producer of a product. C) there are many producers of differentiated products. D) there are many producers of a homogeneous product.