Which of the following is true in the long run for both monopoly and perfectly competitive industries?
A. There are low barriers to entry.
B. Firms can earn positive economic profits in the long run.
C. Firms produce at levels that are economically efficient.
D. Firms will go out of business if they cannot charge a price that is at least equal to average total cost.
Answer: D
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The U.S. government counts both cash income and in-kind transfers when determining the poverty rate.
Answer the following statement true (T) or false (F)
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.
According to Say's law
A. desired expenditures cannot be compared with actual expenditures. B. desired production are always more than actual production. C. desired expenditures are always less than actual production. D. desired expenditures are always equal to actual expenditures.
How would a substantial appreciation in the European euro in the foreign exchange market affect the quantity of imports of European products by the U.S.? How would such an appreciation of the European euro affect travel by Americans to Europe?
What will be an ideal response?