Profit per unit of output is
a. price minus average total cost
b. marginal revenue minus marginal cost
c. average total cost minus average variable cost
d. total revenue minus total cost
e. demand minus average variable cost
A
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The ________ always equals zero
A) sum of capital and financial account plus official settlements account B) sum of current account plus capital and financial account C) sum of current account plus official settlements account D) sum of current account plus capital and financial account plus official settlements account E) official settlements account
Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. If 4,000 pounds of pecans are sold
A) marginal benefit is equal to marginal cost. B) consumer surplus equals zero. C) the deadweight loss is equal to $12,000. D) the marginal benefit of each of the 4,000 pounds of pecans equals $3.
Believers in the hypothesis of rational expectations argue that: a. expansionary fiscal and monetary policy can reduce unemployment without creating inflation. b. a trade-off exists between unemployment and inflation even in the long run
c. the Phillips curve is vertical even in the short run for expected changes in inflation. d. the Phillips curve is downward sloping even in the long run.
If you get a flu shot and by taking it, you help prevent the spread of the disease, then the flu shot is:
A. a private good with external benefits. B. a private good with external costs. C. a public good with external benefits. D. a public good with external costs.