Wealth is the same as net worth.
Answer the following statement true (T) or false (F)
True
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Flora's Flowers operates in a perfectly competitive market. At the point where marginal cost equals marginal revenue, ATC = $10, AVC = $5, and the price per unit is $7.50 . In this situation,
a. Flora earns positive profits in the short run b. Flora will shut down in the short run c. Flora's supply curve will shift to the left d. Flora's supply curve will shift to the right e. Flora earns negative profits in the short run but will remain open
The poverty line is based on the percentage of people who cannot afford an adequate diet
a. True b. False Indicate whether the statement is true or false
When analyzing the effects of changes in demand in an open economy, we assume that firms:
a. have only one fixed rate of return on various projects when deciding investment activity. b. have differing returns on various projects when deciding investment activity. c. are required to borrow only from domestic banks when funding investment activity. d. consider the effects of inflation on investment activity.
Calculating real GDP growth requires
A. adjusting GDP for changes in the CPI. B. estimating the GDP based on unadjusted price levels. C. adjusting GDP for changes in the price level of all the items that go into GDP. D. measuring the GDP with investment, government consumption and investment, and foreign trade.