Economists use a preference map to illustrate that
A) more is better than less.
B) preferences are transitive.
C) preferences are complete.
D) All of the above.
D
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In reference to the long-run firm competitive equilibrium diagram, which of the following statements is INCORRECT?
A) In the long run, the firm has no incentive to alter its scale of operations. B) Because profits must be zero in the long run, the firm's short-run average costs (SAC) must equal P at Qe, which occurs at minimum SAC. C) In the long run, the firm operates where price, marginal revenue, marginal cost, short-run minimum average cost, and long-run minimum average cost all are equal. D) In the long run, this firm must be part of a constant-cost industry, because its marginal revenue curve is perfectly elastic.
The existence of differences between the average earnings of men and women
a. proves the existence of economic discrimination. b. may be partially due to factors other than economic discrimination. c. proves that men on average invest more in their human capital than women do. d. indicates that men are on average smarter than women.
The increased level of excess reserves that many banks held in 2008 made traditional monetary policy less effective
a. True b. False Indicate whether the statement is true or false
If the real deficit is $200 billion, the inflation rate is 2.5 percent, and total debt is $2 trillion, then the nominal deficit is:
A. $250 billion. B. $100 billion. C. $350 billion. D. $300 billion.