Appreciation of the dollar will make imported goods more expensive and shift the aggregate demand curve outward
a. True
b. False
Indicate whether the statement is true or false
False
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A person using a high discount rate is going to consider the concept of sustainability
A. just a fancy term oil and gas companies use to argue for increased rights to drill. B. as wise. C. as overly weighting the future. D. as unwisely focusing on the present.
Assume that Joe is willing to produce another hamburger that costs $1 to make. Mary is hungry and is willing to buy a hamburger for $3. According to the No Cash on the Table Principle, Joe and Mary:
A. will make a trade. B. will only make a trade if Joe can get Mary to spend more than $3 for the hamburger. C. will only make a trade if Mary can get Joe to charge less than $1 for the hamburger. D. will never trade; they will look for better deals.
During the American Revolution, Washington’s army nearly starved to death after price controls were enacted to “help” buy food for the army at affordable prices. The Continental Congress later passed a law that
A. exhorted the public to obey the law and help supply food to the army. B. passed tax increases to punish those who refused to sell the food. C. revised the American Law of Supply and Demand. D. overrode local ordinances and essentially repealed the price controls. E. called for the repeal of other price control measures.
Suppose Winston's annual salary as an accountant is $60,000, and his financial assets generate $4,000 per year in interest. One day, after deciding to be his own boss, he quits his job and uses his financial assets to establish a consulting business, which he runs out of his home. To run the business, he outlays $8,000 in cash to cover all the costs involved with running the business, and earns revenues of $150,000. What are Winston's accounting profits?
A. $150,000 B. $138,000 C. $142,000 D. $78,000