Hyperinflation refers to an inflation rate which exceeds 5 percent per month.
Answer the following statement true (T) or false (F)
False
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Firms in monopolistic competition would
A) persistently realize economic profits in both the short and long run. B) may realize economic profits in the long run and normal profits in the short run. C) tend to incur persistent losses in both the short and long run. D) tend to realize economic profits in the short run and normal profits in the long run.
Suppose that opportunity costs are constant and that Fred can either bake a maximum of six pies or three cakes in a day. Ethel can produce a maximum of eight pies or two cakes in a day. Ethel has an comparative advantage in the production of
A) cakes. B) pies. C) both cakes and pies. D) neither cakes nor pies.
The term allocative efficiency refers to
a. the level of output where MC = AVC b. the equality between MR and MC c. the production of those goods and services most valued by consumers d. the point where marginal revenue equals average total cost e. the production of a good up to the point where AFC = 0
The accelerator principle relates the level of investment to changes in the level of national income
Indicate whether the statement is true or false