In the long run, a perfectly competitive firm will earn ________ profits
a. negative economic
b. zero economic
c. positive accounting
d. negative accounting
b
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The Federal Reserve Bank was first established in the U.S. by an Act of Congress passed in
A) 1947. B) 1913. C) 1861. D) 1789.
If the traditional Keynesian views turn out to be accurate, an increase in government spending would:
a. increase the price level. b. decrease the level of investment. c. increase the equilibrium level of real GDP. d. decrease the level of consumption. e. decrease the money supply.
A system of accounts that measures the transactions of goods, services, income, and financial assets between domestic households, businesses, and governments and residents of the rest of the world during a specific time period is the
A) capital account. B) current account. C) balance of payments. D) balance of trade.
Entry barriers are most significant in
A) pure competition. B) monopolistic competition. C) oligopoly. D) pure monopoly.