If a consumer goes to the store and purchases a DVD player, the shopper is buying both a _____.
(A) Durable and intermediate good.
(B) Nondurable and final good.
(C) Durable and final good.
(D) Nondurable and intermediate good.
Ans: (C) Durable and final good.
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Economic profit is equal to:
A. total revenue minus the sum of explicit and implicit costs. B. accounting profit plus implicit costs. C. total revenue minus accounting profit. D. accounting profit minus explicit costs.
After NAFTA was signed, the United States allowed more tomatoes to be imported from Mexico. What happened to the price of tomatoes in the United States when the United States allowed more tomatoes to be imported?
What will be an ideal response?
In negotiating NAFTA, what two side agreements were reached?
What will be an ideal response?
According to the textbook, what are the two key political functions of government in a market economy?
What will be an ideal response?