France uses civil law
a. True
b. False
A
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An individual’s demand schedule
A. provides information about what quantity a consumer is willing and able to buy at each price. B. tells a buyer how many other buyers will try to purchase an item. C. is a schedule that regulates monthly sales of scarce goods and services. D. is of no use without its accompanying supply schedule.
A consequence of increasing marginal costs of producing digital music players in Japan is
A) Japan will stop short of complete specialization in the production of digital music players. B) Japan will likely impose trade restrictions on imported digital music players. C) Japan will not export digital music players. D) Japan will import digital music players from countries that don't experience increasing marginal costs.
Ceteris paribus, an increase in the supply of a good causes which of the following?
a. Lowers the equilibrium price, and reduces the quantity bought and sold. b. Raises the equilibrium price, and raises the quantity bought and sold. c. Raises the equilibrium price, and increases the quantity bought and sold. d. Lowers the equilibrium price, and increases the quantity bought and sold. e. Equilibrium price and equilibrium quantity change are indeterminate.
What is the difference between accounting profit and economic profit?
a. They are the same thing. b. They are only different if the accountant makes a mistake. c. Accounting profit is usually smaller than economic profits. d. Accounting profit makes no allowance for several implicit costs, including equity capital, while economic profit takes these costs into account.