In this graph, what is the total economic profit?
a. $0
b. $80
c. $120
d. $350
c. $120
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Economists call the influences of the decisions of others on our decisions ________
A) peer effects B) moral hazard C) externalities D) cluster effects
The function of money that enables prices of goods and services to be quoted is called:
A) medium of exchange. B) store of value. C) unit of account. D) measure of power.
If the real exchange rate between the United States and Japan is ________, then it is cheaper to buy goods in Japan than in the United States
A) greater than 1.0 B) greater than 0.5 C) less than 0.5 D) less than 1.0
Early unions were considered by the courts to be
a. harmless b. legal if they operated within a state's borders c. a criminal conspiracy d. in the public's interest e. illegal only in transportation industries such as railroads