Which of the following examples would use the three-step method?
a. Elena wants to determine what the marginal revenues are for her clothing store.
b. Ivan wants to find out if his toy store is earning an economic profit.
c. Jan wants to determine what the marginal costs are for his sports store.
d. Zofia wants to find out if her thrift store is earning more total revenue than a competitor’s store.
b. Ivan wants to find out if his toy store is earning an economic profit.
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Elvira decreased her consumption of bananas when the price of peanut butter increased. For Elvira, peanut butter and bananas are
A) complements in consumption. B) both luxury goods. C) both inferior goods. D) substitutes in consumption.
If monetary policy can influence ________ prices and conditions in ________ markets, then it can affect spending through channels other than the traditional interest-rate channel
A) asset; labor B) asset; credit C) commodity; labor D) commodity; credit
An important determinant of comparative advantage is:
A. equal technology levels across nations. B. well established governmental regulations on trade. C. homogeneity of climate and natural resources between countries. D. endowment of factors of production.
Economic growth is an exponential process because gains made in one year accumulate in future years.
Answer the following statement true (T) or false (F)