The Sweet Success Bakery sells 800 cakes at a price of $20 per cake. Its total economic costs for producing 800 cakes are $4,800. The Sweet Success Bakery's economic profits are
A. $4,800.
B. $11,200.
C. $16,000.
D. indeterminate from this information.
Answer: B
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The rate of unemployment is calculated as the number of
A) people in the civilian labor force divided by the number of unemployed. B) employed workers divided by the number of unemployed workers. C) unemployed divided by the number of people in the civilian labor force. D) unemployed workers divided by the number of employed workers.
Keynesian economists generally agree that unemployment is more costly than inflation
a. True b. False Indicate whether the statement is true or false
Increased output and prices in the United States in the early 1940s were mostly the result of increased government expenditures
a. True b. False Indicate whether the statement is true or false
________ is the property of an entity whose individual units are interchangeable.
A. Representativeness B. Progressivity C. Availability D. Fungibility