More and more firms use ____ to determine prices
A) market research.
B) competitive comparisons.
C) internet auctions.
D) games.
C
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The difference between economic profit and accountant’s definition of profit is that an economist’s total cost counts the ____ of inputs.
A. absolute value B. overheads C. opportunity cost D. gross cost
Which statement best describes the current account balance in the short run?
A) Monetary expansion lowers the current account balance. B) Monetary expansion keeps the current account balance the same. C) Fiscal expansion increases the current account balance. D) Fiscal expansion keeps the current account balance the same. E) Monetary expansion increases the current account balance.
After several years of slow economic growth, world demand for petroleum began to rise rapidly in the 1990s. Much of the increase in demand was met by additional supplies from sources outside OPEC. OPEC during this time was unable to restrain output among members in its effort to lift oil prices. What best describes these events?
A. The rise in demand reflects a movement down along the demand curve as supply shifted to the right when suppliers produced more oil. B. The rise in demand shifted the demand for oil to the right. As price rose, supply of oil also rose. C. The rise in demand shifted the demand for oil to the right. OPEC actions shifted the demand for oil back to the left. D. The rise in demand shifted the demand for oil to the right. As price rose, quantity of oil supplied rose.
Profit is the difference between revenue and
A. cost. B. average product. C. marginal product. D. long-term costs.