Which of the following holds that economic decision making on all levels is unbiased and is based on all available information?
A) adaptive expectations based theory B) rational expectations based theory
C) Keynesian cycle theory D) none of the above
B
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In 2014, South America had a lower average GDP per capita than any other continent
Indicate whether the statement is true or false
When government spending exceeds tax revenues during a specific time period, this is known as a
A) government budget deficit. B) government budget surplus. C) balanced budget. D) public debt.
Because of the rise of global competition and free trade,
a. antitrust policy serves no purpose b. antitrust policy may be less necessary than previously thought c. U.S. industrial concentration poses more of a threat to consumers d. U.S. markets are becoming less contestable e. U.S. manufacturers are seeking fewer trade barriers
Figure 9-7 shows cost curves for Penny’s Parasols, a perfectly competitive firm. At which of the points would Penny’s Parasols be certain to close down?
a.
A
b.
B
c.
C
d.
D
e.
E