Economic profit equals gross earnings minus the firm’s direct costs.
Answer the following statement true (T) or false (F)
False
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Refer to Figure 4.1. Suppose Alvin chooses Top, while Simon chooses Down, and Theodore chooses Right. Simon's payoff will be
A) 2. B) 8. C) 10. D) 18.
Tariffs ________ consumer surplus and import quotas ________ consumer surplus
A) decrease; decrease B) increase; increase C) decrease; increase D) increase; decrease
How does an increase in government spending affect the aggregate expenditure line?
A) It shifts the aggregate expenditure line upward. B) It increases the slope of the aggregate expenditure line. C) It shifts the aggregate expenditure line downward. D) It decreases the slope of the aggregate expenditure line.
Which of the following is a necessary condition for a budget surplus in an economy? a. Public saving must be positive
b. Net taxes must be positive. c. National saving should be positive. d. Household saving must be positive.