If a business's total economic cost of producing 1,500 units of a product is $15,000 and this output sold to consumers for $16,500, then the firm would earn an economic profit of:
a. $16,500
b. $1,500
c. $15,000
d. $1,000
b. $1,500
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A country is moderately outward-oriented if there are relatively high import-substitution restrictions
a. True b. False Indicate whether the statement is true or false
The argument that rising energy prices caused the decline in U.S. productivity in the 1970s is made less believable due to the
a. falling level of saving in the 1970s. b. falling level of energy prices in the 1980s. c. rising level of energy prices in the 1980s. d. rising level of energy prices in the 1990s.
By the mid-1970s, the average workweek was about _____% lower than it was in 1900.
Fill in the blank(s) with the appropriate word(s).
If the annual interest rate is i, the present value of $X to be received at the end of each future year forever is:
a. $X/(1 + i) b. $X/i c. $X/(1 + i) n d. $X/i n e. $X n /i n