A perfectly competitive firm's marginal revenue curve is downward sloping
Indicate whether the statement is true or false
FALSE
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In 2003, the Social Security tax was around _____ of total federal taxes
a. 17 percent b. 26 percent c. 31 percent d. 39 percent
A U.S. resident purchases a bond issued by the Canadian government. If the Canadian dollar appreciates relative to the U.S. dollar over the term of the bond, the U.S. investor will:
A. not see her return affected since exchange rates are flexible. B. see a lower return on her investment as a result. C. see a higher return on her investment as a result. D. none of the answers provided is correct.
Efficiency is an important goal because when markets are efficient:
A. there is less income inequality. B. there is no need for government intervention in the economy. C. the poor benefit more than the wealthy. D. there are more resources available to achieve other goals.
Which one of the following statements is TRUE?
A. If the money price of a good increases, its relative price necessarily decreases. B. The relative price of a good refers to the opportunity cost of purchasing it. C. If the money price of a good increases, its relative price necessarily increases. D. Rational consumers always ignore the monetary price of a good when deciding whether to buy it.