Industries that lobby public officials for favorable treatment, softer regulation, and or antitrust exemption are engaged in rent-seeking.
Answer the following statement true (T) or false (F)
True
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Nonprofit, or not-for-profit, firms
a. maximize revenue instead of profit b. minimize cost rather than maximize profit c. often pursue goals other than profit maximization d. pursue profit as their main goal despite their name e. have no incentive to produce efficiently
Can accounting profit be positive while economic profits are negative?
A. No. The two concepts are identical. B. No. Economic profits must always be larger than accounting profits. C. Yes, if total revenue covers opportunity costs but not explicit costs. D. Yes, if total revenue covers explicit costs but not opportunity costs.
Dan, a writer for a business magazine, interviewed managers at 100 large corporations. All of the managers indicated that the primary determinant of planned investment is expected sales and not the interest rate. From this information, Dan concluded that
A) fiscal policy would be very effective, but monetary policy would not be very effective. B) neither expansionary nor contractionary fiscal policy would be very effective. C) both expansionary and contractionary monetary policy would be very effective. D) contractionary fiscal policy would not be very effective, but contractionary monetary policy would be very effective.
Gross domestic product is a measure of
A. the size of the largest industry in an economy. B. the money value of all final goods and services produced in a year by the economy. C. the volume of goods and services, which involved in international trade. D. the goods and services produced strictly by corporations. E. the nonmarket production of goods and services.