An economic profit for a self-employed entrepreneur is
A) an opportunity cost.
B) the same as the normal profit.
C) a profit over and above opportunity cost.
D) None of the above answers is correct.
C
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Which of the following lists includes only capital resources (and therefore no labor or land resources)?
A. an ice arena; a professional hockey player; hockey uniforms B. a hydroelectric dam; water behind the dam; power lines C. the owner of a new startup firm; a chemistry lab; a researcher D. automobiles owned by a car rental firm; computers at the car rental agency; the vans that shuttle rental customers to and from the airport
During World War II, the Fed in effect relinquished its control of monetary policy through its policy of
A) continually lowering reserve requirements. B) continually raising reserve requirements. C) pegging interest rates. D) targeting free reserves.
In what way is corporate income subject to double taxation?
What will be an ideal response?
Whenever the economy is producing the maximum amount of goods given the level of technology and the amount of resources
A) the number of resources used should be decreased since society must protect its scarce resources. B) the concept of opportunity costs does not exist. C) more goods will be available than customers want to buy. D) the economy is producing efficiently.