In the long run, a monopolistically competitive firm produces at minimum average cost.
Answer the following statement true (T) or false (F)
False
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National income is the sum of
A. wages and profits. B. wages, interest, profits, and rent. C. interest and rent. D. wages, transfer payments, and tax revenues.
The percentage of African-Americans whose incomes are in the top 40% of income earners in the U.S. is
A. about 23%. B. about 50%. C. about 36%. D. about 40%
Refer to the graph shown. To maintain the price of euros at $1.20, the European Central Bank must buy:
A. Q2 euros. B. Q0 - Q2 euros. C. Q1 - Q0 euros. D. Q1 - Q2 euros.
Refer to the graph shown. Assume the economy is in short-run equilibrium at point A below potential output. The government opts for an expansionary fiscal policy in an attempt to pull the economy out of the recession. Not considering shifts in aggregate supply, an economist with a functional finance view, who also believes in a full crowding out effect, would conclude that the economy will end up at point:
A. A. B. B. C. C. D. D.