Refer to the above figure. If the market price is equal to A, which statement can be made about economic profits?
A) Economic profits are positive and equal to ABCG.
B) Economic profits are positive and equal to ABEF.
C) Economic profits are negative and equal to GCEF.
D) Economic profits are negative and equal to ABQ 0.
A
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Economic goods are
A) abundant goods, about which we must constantly make decisions about their best use. B) all imaginable items from which individuals derive satisfaction or happiness. C) goods that are scarce, for which the quantity demanded exceeds the quantity supplied at a zero price. D) goods that are scarce, for which the quantity demanded exceeds the quantity supplied at any price.
Which of the following would contribute, directly or indirectly, to a deficit in the capital account of the U.S. balance of payments?
a. A British citizen buys stock in Ford. b. A British citizen buys a bond from Ford. c. Interest rates fall in the United States relative to their level in the rest of the world. d. Australian publisher Rupert Murdoch buys The New York Times. e. Developing countries become more stable and so borrow less from U.S. banks.
The individual income tax, the inheritance tax, and the head tax are all examples of direct taxes
a. True b. False Indicate whether the statement is true or false
Which of the following is most important if a country is going to achieve and sustain rapid economic growth?
What will be an ideal response?