Which of the following is not a basic tenet of economic liberalism?
a. self-interest
b. free trade
c. competition
d. government regulation
d. government regulation
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The ________ shows the relationship between the price level and quantity of real GDP demanded
A) 45-degree line B) aggregate demand curve C) consumer price index D) aggregate expenditure line
A 45-degree line on a graph with expenditures, E, on the vertical axis and production, Y, on the horizontal axis, represents
A) the line of disequilibrium levels of income. B) all possible equilibrium levels of production and expenditures. C) some of the equilibrium levels of production and expenditures. D) None of the above.
Monopolistic competition and perfect competition are different in that
A) only monopolistically competitive firms advertise. B) only monopolistically competitive firms can earn economic losses in the short-run. C) only perfectly competitive firms maximize profits where marginal revenue equals marginal cost. D) only perfectly competitive firms are characterized by long-run economic profits of zero.
Which of the following most accurately describes the long-run period? a. The long run is a period of time in which a firm is unable to vary some of its factors of production
b. In the long run, the firm is able to expand output by utilizing additional workers and raw materials, but not physical capital. c. The long run is of sufficient length to allow a firm to alter its plant capacity and all other factors of production. d. The long run is of sufficient length to allow a firm to transform economic losses into economic profits.