In the short run, perfectly competitive firms can
A. make an economic profit.
B. take a loss.
C. break even.
D. All of the responses are correct.
Answer: D
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Which of the following actions is most likely to cause a rightward shift in a production possibilities curve [PPC]?
a. Shifting from the production of one product to the production of another product b. Shifting all resources to the production of one product c. Employing idle resources d. Using fewer resources in production e. Increasing the technological know-how used in production
The conventional fiscal policy to fight inflation is to ___________ while the conventional monetary policy is to ___________.
Fill in the blank(s) with the appropriate word(s).
Which of the following examples would most likely be an unintended consequence of rent control?
a. Most of the apartments in a building are vacant. b. A landlord is known for renting to people who often are considered “undesirable.” c. Most of the apartments in a building are in a deteriorated state. d. A landlord decides to put in new plumbing for an entire apartment complex.
The old-age dependency ratio is found by
A. dividing the number of older people by the number of people in the entire population. B. dividing the number of older people by the number of people of working age. C. multiplying the number of older people by the percentage in that group who have no retirement savings. D. dividing the number of people of working age by the number of retirees.