When a firm’s fixed cost rises, its total profit curve shifts
A. up at every output level.
B. down at every output level.
C. left at every profit level.
D. right at every profit level.
Answer: B
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In the United States, income taxes are ________
A) regressive B) progressive C) proportional D) marginal
According to the World Bank, Albania does one of the worst jobs as a country enforcing the rule of law. The consequence of a weak rule of law is
A) strong property rights enforcement leading to greater investment. B) more risk taking on the part of entrepreneurs and greater economic investment. C) a decrease in cash transactions and increased efficiency. D) difficulty in attracting investment and low economic growth.
The percentage of deposits that banks must hold in reserve is the
A) excess reserve ratio. B) required reserve ratio. C) total reserve ratio. D) currency ratio.
What are the major sources of economic profit?
a. certainty, monopolistic competition, and inelastic supply. b. competition, perfect information, and elasticity of market demand. c. barriers to entry, uncertainty, and entrepreneurial alertness. d. externalities, inflation, and size of firm.