The firm in a perfectly competitive industry is a
A. price taker.
B. price dealer.
C. price maker.
D. price seeker.
Answer: A
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The Coase theorem is the proposition that if property rights exist and are enforced, private transactions are
A) inefficient. B) efficient. C) inequitable. D) illegal. E) unnecessary.
The SRAS upward sloping shows an increase in P and G & S.
a. true b. false
Related to the Economics in Practice on page 26: Which one of the following occurs when an individual enters the paid work force?
A. The opportunity cost of time for housework increases, because money earned at a job can allow individuals to pay someone to do household chores that the individuals used to do themselves. B. The opportunity cost of time for housework decreases, because increased earning power makes individuals less likely to do their own housework. C. The opportunity cost of time for housework increases, because time spent on housework could be spent on money-earning activities. D. The opportunity cost of time for housework decreases, because as more people enter the work force, businesses have greater incentives to develop innovations that make housework more efficient.
U.S. residents come to believe that the dollar will depreciate in the future, that is, the exchange rate in the future will be lower than the current exchange rate. As a result
A) the demand curve for dollars shifts rightward. B) the demand curve for dollars shifts leftward. C) there is a movement upward along the demand curve for dollars. D) None of the above answers are correct.