If this firm were a perfect competitor, what price would it charge in the long run?
A. OE
B. ON
C. OF
D. None of the choices are correct.
C. OF
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If the GDP deflator rises from 185 to 190, what is the rate of inflation between the two years?
A) 270% B) 50% C) 5% D) 2.7%
Answer the following statements true (T) or false (F)
1) Generally, the goal of false advertising is to increase a firm's sales and profit. 2) Advertising can easily misinform buyers about the characteristics of an inspection good. 3) Unlike experience goods, the potential to lose repeat sales is not necessarily a deterrent to false advertising a credence good. 4) The impact of truthful advertising on a firm's demand is most relative to firms selling inspection goods rather than credence goods. 5) False advertising is more profitable and more prevalent in communities with a large number of transient consumers.
Deflation:
a. is often a result of increases in the money supply. b. is good for borrowers, but bad for lenders. c. is good for lenders, but bad for borrowers. d. cannot occur under a bimetallic standard.
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. Which of the following statements is true?
A. The United States has the absolute advantage in the production of both shoes and apples. B. Canada has the absolute advantage in the production of both shoes and apples. C. The United States has the absolute advantage in the production of shoes and Canada has the absolute advantage in the production of apples. D. Canada has the absolute advantage in the production of shoes and the United States has the absolute advantage in the production of apples.