Evidence indicates that the average economic profits of invention are
A. well above zero.
B. slightly above zero.
C. equal to zero.
D. less than zero.
Answer: D
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Which of the following people would be counted as employed?
a. A retired naval officer b. A high school student c. A stay-at-home father d. A teenager who has given up looking for work after a year of trying e. A ski instructor who is working during the summer
Many economists argue that, in the long run, the economy self-corrects and achieves full employment. This argument is known as the:
a. natural rate hypothesis. b. incomes policy approach. c. political business cycle theory. d. Keynesian cross model.
In order to earn an economic profit, a firm needs to charge a price in excess of
A) accounting average cost. B) normal average costs. C) economic average cost. D) long-run fixed costs.
Payment of a share of prospective royalties to the author before publication is called the
A. allowance. B. bonus. C. advance. D. stipend.