Which of the following is NOT an example of a regional trade bloc?
A) the North American Free Trade Agreement
B) the European Union
C) the Asian-Pacific Trade Agreement
D) Mercosur
C
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If the price elasticity of supply equals zero, this implies that
a. suppliers can easily change quantity supplied when price changes b. the supply curve is long run c. the supply curve is perfectly vertical d. the percentage change in the price of the good supplied is zero e. the percentage change in quantity supplied equals the percentage change in price
A fund in which moneys are set aside either in preset amounts or on a variable basis is referred to as a
a. sinking fund b. serial bond c. common bond d. convertible bond e. mutual fund
Suppose a perfectly competitive market results in a long-run equilibrium price of $8 and quantity of 500. If this same market were a monopoly, which of the following price and quantity combinations would be the most likely?
A. Price: $10, Quantity: 350 B. Price: $8, Quantity: 500 C. Price: $6, Quantity: 650 D. Price will equal marginal revenue and quantity will be found where marginal revenue equals marginal cost.
In a perfectly competitive situation, the profit-maximizing hiring situation for all inputs being used is where
A) the MRP of each input is equal to the price of each input. B) the MRP of each input is greater than the price of each input. C) the MRP of each input is less than the price of each input. D) There is no relationship between MRP and the prices of the inputs.