Which of the following statements does NOT correctly characterize normal profit?
A) It is part of a firm's opportunity cost.
B) It is equal to a firm's total revenue minus its opportunity cost.
C) It is the average return for supplying entrepreneurial ability.
D) None of the above because all the statements correctly characterize normal profit.
B
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Which of the following best describes efficiency in the demand and supply model?
a. The economy is receiving as much benefit as possible from its scarce resources and all the possible gains from trade have been achieved. b. The economy is receiving as much benefit as possible from its scarce resources but not achieving all the possible gains from trade. c. The economy is not receiving as much benefit as possible from its scarce resources but is getting all the possible gains from trade. d. The economy is not receiving as much benefit as possible from its scarce resources and not achieving all the possible gains from trade.
Which country had the highest level of fossil-fuel carbon dioxide emissions per capita in 2008?
a. Ireland b. Taiwan c. Canada d. Qatar
In the graph showing an increase in aggregate demand, if aggregate demand moves from point A to point B, ______.
a. aggregate demand will weaken
b. price levels remain unchanged
c. RGDP increases by $1 trillion
d. unemployment increases by 3 percent
The level of aggregate output demanded falls when the price level rises, because the resulting increase in the interest rate will lead to
A. lower investment spending and lower consumption spending. B. lower investment spending and higher consumption spending. C. higher investment spending and lower consumption spending. D. higher investment spending and higher consumption spending.