Economic profit is measured by
a. MR = MC
b. TR – explicit costs – implicit costs
c. TR – explicit costs
d. TR – implicit costs
e. P – MC
B
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Refer to the figure below. If VMP mkt can be characterized by the equation VMP mkt = 50 - 2H mkt , where H is the number of hours worked, and VMP home can be characterized by the equation VMP home = 45 - 3H home , where H is the number of hours worked, what is H* if there are a total of 40 hours to be worked between work and home?
The time it takes for the Fed's purchase of government securities to ultimately change aggregate demand is called the _____
a. recognition lag b. implementation lag c. effectiveness lag d. decision-making lag e. self-correction lag
Economic thinking indicates that efficient adaptation strategies to reduce harms from future global warming will
a. focus on reducing overall carbon emissions. b. emphasize changes like those imposed on prosperous nations by the Kyoto Treaty. c. focus on reducing the effects of serious problems that we know to exist. d. ensure that every precaution will be taken to reduce any possible risks for the future.
Something that provides utility is called a
A) good. B) bad. C) want. D) need. E) a and d