The sentiment for increased deregulation in the late 1970's and early 1980's has been felt most significantly in the price regulation of
a. coal
b. grain
c. transportation
d. automobiles
e. electric power generation
c
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Tim Tupper's term paper-typing business is a perfectly competitive firm in long-run equilibrium. Which of the following does not describes the firm's situation?
a. It will be minimizing average total cost. b. It will be charging a price equal to marginal cost. c. It will be charging a price equal to average total cost. d. It will be earning a normal profit. e. Entrepreneurs outside the industry will be eager to enter.
In general, the accounting of trade in goods and capital is known as the:
A. balance of trade. B. net capital outflow. C. balance of payments. D. trade surplus.
Inflation is
A. A decrease in the price of all goods and services. B. Included in the calculation of real GDP. C. The increase in the market value of a product that takes place at each stage of the production process. D. An increase in the average level of prices of goods and services.
According to Robert Solow, the production function should be written as:
A. Y = F(K, L). B. Y = F(K, L, A). C. Y = F(K, A). D. Y = F(A, L).