A supply curve is defined as the relationship between
A) the price of a good and the quantity that producers are willing to sell.
B) the income of consumers and the quantity of a product that producers are willing to sell.
C) the income of consumers and the quantity of a product that consumers are willing to buy.
D) the price of a good and the quantity that consumers are willing to buy.
A
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Which of the following statements about positive economic analysis is false?
A) There is much more disagreement among economists over normative economic analysis than over positive economic analysis. B) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. C) Unlike normative economic analysis, positive economic analysis can be tested. D) There is much more disagreement among economists over positive economic analysis than over normative economic analysis.
Assume that one of two possible outcomes will follow a decision. One outcome yields a $75 payoff and has a probability of 0.3; the other outcome has a $125 payoff and has a probability of 0.7. In this case the expected value is
A) $85. B) $60. C) $110. D) $35.
As distinct from reductions in the price level, reductions in the rate of inflation are referred to as:
A. dollar depreciation. B. stagflation. C. deflation. D. disinflation.
Refer to Scenario 7.1 below to answer the question(s) that follow. SCENARIO 7.1: You are the owner and only employee of a company that writes computer software that is used by gamblers to collect sports data. Last year you earned a total revenue of $90,000. Your costs for equipment, rent, and supplies were $60,000. To start this business you invested an amount of your own capital that could pay you a return of $40,000 a year. Refer to Scenario 7.1. Your accounting profit last year was
A. $10,000. B. $30,000. C. $50,000. D. $60,000.