Entry continues as long as
A) economic profits are zero.
B) accounting profits are positive.
C) accounting profits are positive and economic profits are negative.
D) economic profits are positive.
D
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According to this Application, the failure of including cell phones in a timely manner when calculating the CPI caused the telecommunications component of the price index
A) to become negative. B) to be biased upward. C) to be biased downward. D) to actually register no perceptible bias.
A $10 million open market purchase will increase the monetary base by
A) $10 million. B) $10 million times the money multiplier. C) $10 million divided by the money multiplier. D) an amount between $0 and $10 million, depending on the fraction of the purchase the public wishes to hold as currency.
The above figure shows the market for rice in Japan. S2 represents the domestic supply curve, and S1 represents the world supply curve. If a $1 tariff is imposed on imported rice, the loss in social welfare is
A) b + c + d + e. B) a. C) i. D) a + c + d + e.
Supply-side theory asserts that high marginal tax rates
A) encourage private saving. B) encourage business investment. C) discourage government expenditures. D) discourage work effort.