Which of the following would, other things equal, reduce the demand for U.S. farm products?
A. Poorer crops abroad.
B. Strong economic growth abroad.
C. Improved trade relations with China and Russia.
D. Appreciation of the U.S. dollar.
Answer: D
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If a negative externality exists, __________ in order for the socially optimal output to be reached.
A. supply needs to increase B. supply needs to decrease C. demand needs to increase D. b and c E. none of the above
Beginning in 1970 there was ________ relationship between the household saving rate and the ratio of the net worth to disposable income
A) strong positive B) strong negative C) very weak but positive D) weak but negative
In the short run, a firm considers its fixed cost as a(n):
A. sunk cost. B. variable cost. C. implicit cost. D. marginal cost.
A firm's accounting profit is also its
A) economic profit. B) income statement. C) net income. D) statement of liabilities.