When a profit-maximizing firm in a competitive market has zero economic profit, accounting profit
a. is negative.
b. is at least zero.
c. is also zero.
d. could be positive, negative or zero.
b
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The largest part of gross domestic product in the United States is
a. investment. b. consumption. c. government expenditure. d. trade balance.
If the price were $6 each, her consumer surplus would be
Table: Demand and Utility Schedules for packs of scented candles
A. $26.
B. $18.
C. $13.
D. $3.
Which of the following would NOT be a result of a contractionary monetary policy?
A. Interest rates would rise. B. Imports would rise. C. Net exports would decline. D. Foreign goods would become more expensive to U.S. residents.
From the 1970s through the 1990s, the relative price of a college education has increased greatly. During the same time period, college enrollment has also increased. This evidence suggests that during this time period
A) the demand curve for a college education has shifted leftward. B) the demand curve for a college education has shifted rightward. C) the supply curve for a college education has shifted leftward. D) the supply curve for a college education has shifted rightward.