Monopolies may earn positive economic profits in
a. only the short run.
b. the short run or the long run.
c. only the long run.
d. never.
B
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As measured, GDP omits which of the following? i. Illegal sales of goods and services ii. Changes in the amount of leisure time iii. Household production of goods and services
A) i only B) i and ii C) ii and iii D) i and iii E) i, ii, and iii
Exhibit 6A-3 Consumer equilibrium
?
Given the budget line and indifference curves shown in Exhibit 6A-3, assume the consumer is initially at point W. To maximize total utility, the consumer should:
A. purchase more of good Y and less of good X. B. remain at point W. C. move to point X and then point Y. D. purchase more of good X and less of good Y.
Hiring a more expensive celebrity endorser will always result in higher firm profits.
Answer the following statement true (T) or false (F)
Suppose that in 2018, all prices in the economy double and that all wages and salaries also double. In 2018 you
A) are worse off than you were in 2017 as you can no longer afford to buy as many goods and services. B) are better off than you were in 2017 as your salary is higher than it was in 2017 and you can now buy more goods and services. C) are no better off or worse off than you were in 2017 as the purchasing power of your salary has remained the same. D) cannot determine whether you are better off or worse off than you were in 2017, because the purchasing power of your salary cannot be determined.