Which of the following is true if the opportunity cost of producing a particular good is less than its accounting profit?
a. Economic profit is zero.
b. Economic profit is negative.
c. Economic profit is positive.
d. Economic profit cannot be determined.
c
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What is known as the Dutch disease?
a. The problem that arises when a government cannot meet its foreign debts b. The phenomenon of a boom in one industry causing declines in the rest of the economy c. A sudden and unexpected devaluation of a currency as a consequence of policy controls d. The problem that arises when high imports force an economy to borrow from external sources e. A deficit in the balance of payments of the economy that arises due to a sudden appreciation of the domestic currency.
One feature of the GATT and now the WTO is that all member nations get the same treatment from their trading partners in terms of trade rules and restrictions. This provision is called:
a. beggar thy neighbor. b. the good neighbor policy. c. rotating obligations. d. most favored nation status.
Which of the following is an aspiration of what the organization wants to become in the future?
Mission Vision Values Goals
A $70 price tag on a sweater in a department store window is an example of money functioning as a:
A. unit of account. B. standard of deferred payments. C. store of value. D. medium of exchange.