Economic forecasting has proven no better than the flipping of coins
Indicate whether the statement is true or false
F
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Long-run economic profits are most likely to be earned in
A) perfect competition and oligopoly. B) perfect competition and monopoly. C) monopoly and oligopoly. D) oligopoly and monopolistic competition. E) perfect competition and monopolistic competition.
Liquidity is defined as
A) the ease with which a given asset can be converted to a store of value. B) the ease with which a given asset can be converted to a unit of account. C) the ease with which a given asset can be converted to a standard of deferred payment. D) the ease with which a given asset can be converted to a medium of exchange.
There is a 15 percent increase in the price of lumber used by a firm that builds new homes. This causes
A) a decrease in the quantity of new homes supplied. B) an increase in the supply of new homes. C) an increase of the quantity supplied of new homes. D) a decrease in the supply of new homes.
Microeconomics examines the
A) total household expenditures. B) behavior of the economy as a whole. C) aggregate business spending. D) decision making undertaken by individual households.