In which of the following cases would entry and exit cease?
A. P > long-run ATC.
B. P < long-run ATC.
C. P = long-run ATC.
D. P > short-run ATC.
Answer: C
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Competition reduces some but not all discrimination. Where can one expect competition to reduce discrimination, and where is discrimination likely to go on even if there is competition?
The writing of a $1,000 check that is drawn on Bank A and deposited in Bank B
A. increases the money supply initially by $1,000. B. reduces total reserves of Bank A by $1,000 and increases the total reserves of Bank B by the same amount. C. reduces the required reserves of Bank A by $1,000 and increases the required reserves of Bank B by the same amount. D. reduces the excess reserves of Bank A by $1,000 and increases the excess reserves of Bank B by the same amount.
When foreigners come to the United States as tourists, they are generating a
A. Supply of U.S. dollars and a supply of a foreign currency. B. Supply of U.S. dollars and a demand for a foreign currency. C. Demand for U.S. dollars and a supply of a foreign currency. D. Demand for U.S. dollars and a demand for a foreign currency.
Which of the following economic activities is ignored in GDP accounts?
What will be an ideal response?