A lawyer running his own business earns $18,000 in revenue monthly. He pays $8,000 as explicit costs including staff salary and utilities. He owns the office space so no rent is paid
The lawyer could work for other legal firms and earn $10,000 per month. His business profit is ________ and his economic profit is ________. A) $10,000, $10,000
B) $28,000, $10,000
C) $10,000, $0
D) $8,000, $0
C
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Use the following table to answer the next question.YearReal GDPPopulation2008$20,000200200940,000400201060,000400201170,000500Real GDP per capita ________ between 2008 and 2009.
A. remains constant B. increases C. decreases D. cannot be calculated
A quasi-public good is similar to a public good in that one person's consumption of the quasi-public good does not reduce the amount available for everyone else
Indicate whether the statement is true or false
Intergovernmental revenue is an insignificant source of state and local revenue
a. True b. False
Which of the following statements concerning saving is true?
A. A country's saving rate is unrelated to its growth rate. B. A country's growth rate is unrelated to its national income. C. An increase in the rate of saving will lead to a reduction in consumption in the short run and in the long run. D. An increase in the rate of saving decreases gross domestic income by reducing current consumption but increases current and future gross domestic income through investment in capital goods.