In the diagram below, the profit maximizing firm is 
A. making negative economic profit.
B. making zero economic profit.
C. making positive economic profit.
D. one cannot tell.
Answer: B
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What is a budget deficit? What is a budget surplus? Since 1970, has the U.S. government run more budget deficits or budget surpluses?
What will be an ideal response?
Which of the following best describes the services provided by the Federal Reserve?
a. The Federal Reserve provides banking services to commercial banks and other depository institutions but does not provide banking services to the federal government. b. The Federal Reserve does not provide banking services to commercial banks and other depository institutions but provides banking services to the federal government. c. The Federal Reserve provides banking services to commercial banks and other depository institutions and provides banking services to the federal government. d. The Federal Reserve does not provide banking services to commercial banks and other depository institutions and does not provide banking services to the federal government.
A differentiated product is one that:
a. is slightly different from the competitor's product, although it is a close substitute. b. is very different. c. is traded within firms and is not for sale in retail markets. d. has a shelf life of less than a year.
The principal result of the rising value of the U.S. dollar in the mid-1990s was a(n)
A. balance of payments deficit. B. balance of payments surplus. C. increase in the rate of inflation. D. increase in the unemployment rate.