Profit is defined as
a. net revenue minus depreciation.
b. total revenue minus total cost.
c. average revenue minus average total cost.
d. marginal revenue minus marginal cost.
b
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If you own a perpetuity of $100 and if the discount rate is 5 percent, then its present value
a. cannot be determined unless we know the number of years b. is $95.21 c. is $105 d. is $2,000 e. is infinite
If a nation has depression-level employment, it is in the:
a. Intermediate range of the aggregate supply curve. b. Twilight zone of the aggregate supply curve. c. Keynesian range of the aggregate supply curve. d. Classical range of the aggregate supply curve. e. The Gibson-Paradox range of the aggregate supply curve.
A frequently cited barrier to economic development is the apparent shortage of entrepreneurial activity in developing nations.
Answer the following statement true (T) or false (F)
A player has a dominant strategy when:
A) her chosen strategy gives her a lower payoff than the other player. B) her chosen strategy matches the best response of other players in the game. C) she has many best responses to any strategy of the other player in the game. D) she has only one best response to every possible strategy of the other player.