To purchase goods from France, you must supply dollars and demand euros
Indicate whether the statement is true or false
T
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The difference between an orthodox stabilization plan and a heterodox stabilization plan is that the orthodox plan
A) targets the problem of inflation, while the heterodox plan targets unemployment. B) reduces trade flows less than the heterodox plan. C) does not include higher taxes and the heterodox plan does. D) does not include wage and price controls and the heterodox plan does. E) eliminates budget deficits, while the heterodox plan only reduces them.
The one thing that all economic models have in common is the
a. emphasis on macroeconomics b. attempt to explain market prices c. analysis of what ought to be d. use of abstraction e. ability to describe economic realities exactly
Price elasticity of demand along a linear, downward-sloping demand curve decreases as price falls
a. True b. False Indicate whether the statement is true or false
Suppose Winston's annual salary as an accountant is $60,000, and his financial assets generate $4,000 per year in interest. One day, after deciding to be his own boss, he quits his job and uses his financial assets to establish a consulting business, which he runs out of his home. To run the business, he outlays $8,000 in cash to cover all the costs involved with running the business, and earns revenues of $150,000. What are Winston's economic profits?
A. $138,000 B. $78,000 C. $150,000 D. $142,000