If the accounting profit equals $200,000 and implicit costs equal $40,000, the economic profit equals
a. $240,000.
b. $200,000.
c. $160,000.
d. $40,000.
c. $160,000.
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According to projections by the U.S. Bureau of the Census, how will the population change between 2012 and 2060?
a. The number of Hispanics will rise substantially. b. The number of blacks will decline slightly. c. The number of whites will remain the same. d. The number of Asians will rise substantially.
Other things the same, as the price level falls, a country's exchange rate
a. and interest rates rise. b. and interest rates fall. c. falls and interest rates rise. d. rises and interest rates fall.
How much is the firm's output at the shutdown point?
The income effect is the change in the quantity demanded of a good that results from
a. the effect of a change in the price on consumer purchasing power. b. the effect of a change in the price making the good more or less expensive relative to other goods, holding constant the effect of the price change on consumer purchasing power. c. either (a) or (b). d. none of the above.