In economics, a firm that makes a zero economic profit is said to be earning a normal profit.
Indicate whether the statement is true or false.
Answer: True.
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A commercial society, as described by Adam Smith, develops when
A) maximizing income becomes the ultimate objective for most people. B) more people are employed in service industries than in agriculture and manufacturing. C) private interest replaces the public interest. D) the division of labor extends itself throughout the society. E) traditional values give way to commercial values.
An autonomous easing of monetary policy results in a ________ level of equilibrium output, shifting the aggregate demand curve to the ________
A) higher; right B) lower; right C) higher; left D) lower; left
The largest portion of any nation's current account is typically
A) imports and exports. B) gold sales. C) the sale of U.S. assets. D) SDRs.
The production of smoke as a pollutant is a failure of the market system
a. True b. False Indicate whether the statement is true or false