Which word or phrase best completes the following sentence? Marginal analysis means evaluating ________ changes from a current situation
a. positive or negative
b. infinite
c. maximum
d. no
a
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In the above figure, if the price is $12, a profit-maximizing perfectly competitive firm will have an economic profit
A) of less than $100 but more than $0. B) of more than $100. C) that is negative, that is, it will have an economic loss. D) of zero, that is, it will break even with a normal profit.
Consider an economy made up of 100 people, 60 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The number of people in the labor force is
a. 30 b. 60 c. 85 d. 90 e. 70
An inflationary expenditure gap is the amount by which:
A. equilibrium GDP falls short of the full-employment GDP. B. aggregate expenditures exceed any given level of GDP. C. saving exceeds investment at the full-employment GDP. D. aggregate expenditures exceed the full-employment level of GDP.
As it relates to corporations, the principal-agent problem is that:
A)the goals of the corporate managers (the agents) may not match the goals of the corporate owners (the principals). B) it is costly for the corporate owners (the principals) to obtain a corporate charter from government (the agent). C) the goals of the corporate managers (the principals) may not match the goals of the corporate owners (the agents). D) the federal government (the agent) taxes both corporate profits and the dividends paid to stockholders (the principals).