Which of the following is a gain from trade?
A. A level of self-sufficiency for all trading countries.
B. A higher price level for all trading countries.
C. A shorter workweek for all trading countries.
D. A higher standard of living for all trading countries.
Answer: D
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Everything else held constant, a decrease in marginal tax rates would likely have the effect of ________ the demand for municipal bonds, and ________ the demand for U.S. government bonds
A) increasing; increasing B) increasing; decreasing C) decreasing; increasing D) decreasing; decreasing
In long-run competitive equilibrium, a firm that owns factors of production will have an
A) economic profit = $0 and accounting profit > $0. B) economic profit > $0 and accounting profit = $0. C) economic and accounting profit = $0. D) economic and accounting profit > $0. E) economic and accounting profit can take any value.
The term _____ refers to the idea that the value people place on money depends on where that money comes from
a. decision making b. psychological pricing c. mental accounting d. marketing mix e. anchoring
Which of the following rules is most consistent with profit maximization?
a. expand output when MR < MC b. reduce output when MR > MC c. expand output when TR > TC d. reduce output when TR > TC e. expand output when MR > MC