Which of the following will not hold true for a competitive firm in long-run equilibrium?
A. P equals AFC.
B. P equals minimum ATC.
C. MC equals minimum ATC.
D. P equals MC.
Answer: A
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Countries with the highest degrees of governmental bureaucratic inefficiency index
A) typically are nations with the highest real GDP per capita. B) typically are nations with the lowest real GDP per capita. C) normally have the lowest measured levels of dead capital. D) normally have the highest measured levels of economic freedom.
If a production possibilities frontier is a downward sloping straight line, it
A. shows that there are no trade-offs in the production process. B. shows that resources are not efficiently allocated C. shows that production on the frontier implies that it is not possible to produce more of anything without producing less of something else. D. shows that resources are unemployed.
The natural rate of unemployment can change over time. Predict how you think the natural rate of unemployment will change during your lifetime. Explain how you arrived at your conclusion.
What will be an ideal response?
Which of the following is most important in determining the number of jobs in an economy?
A) Macroeconomic policies B) Trade policies C) Urban policies D) Environmental policies E) Tax policies