A business owner makes 100 . items a day. Each day he/she contributes 8 hours to produce those items. If hired, elsewhere he/she could have earned $250 an hour. The item sells for $15 each. Production does not stop during weekends. If the explicit costs total $150,00 . for 30 days, the firm's accounting profit for the month equals:
a. $300,000
b. $60,000
c. $450,000
d. $240,000
a
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Monetary policy and fiscal policy are the only factors that influence aggregate demand
a. True b. False Indicate whether the statement is true or false
Between 1890 and 1914, the gold stock of the world _______________ and world prices (in general)
A) doubled; increased. B) tripled; increased. C) rose by 50%; increased. D) doubled; decreased. E) tripled; decreased.
?Beginning from full-employment macro equilibrium, increase in government spending will cause real GDP to:
A. ?increase in the short run. B. ?decline in the long run. C. ?decline in the short run. D. ? increase in the long run.
Suppose the price of gold is $300 per ounce in the United States and 2,400 pesos per ounce in Mexico. If purchasing power parity holds then, if the price of oil is $25 per barrel in the United States, the price of oil is ________ pesos per barrel in Mexico.
A. 3.125 B. 96 C. 250 D. 200