A actor receives a $100,000 payment from a producer to prevent him from revealing a scandal. This is an example of ______.
a. leisure
b. nonmarket transactions
c. externalities
d. the underground economy
d. the underground economy
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In the short-run, a competitive firm is said to break-even if at equilibrium the:
a. price is equal to marginal revenue. b. price is equal to average revenue. c. price is equal to average variable cost. d. price is equal to the average total cost. e. price is equal to marginal cost.
In Econland autonomous consumption equals 700, the marginal propensity to consume equals 0.80, net taxes are fixed at 50, planned investment is fixed at 100, government purchases are fixed at 100, and net exports are fixed at 40. The vertical intercept of the expenditure line is:
A. 990. B. 890. C. 900. D. 940.
If a business's total economic cost of producing 1,500 units of a product is $15,000 and this output sold to consumers for $16,500, then the firm would earn an economic profit of:
a. $16,500 b. $1,500 c. $15,000 d. $1,000
Briefly discuss the relationship between present value and each of the following:a) future valueb) timec) interest rate
What will be an ideal response?