If economic profits are zero, then the entrepreneur can go elsewhere and do better
Indicate whether the statement is true or false
False
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Gross Domestic Product is the market value of all ________ produced within a country in a given period of time
A) final goods B) intermediate goods C) final services D) intermediate services E) final goods and services
Macroeconomics might study which of the following?
A) the causes of domestic unemployment B) decision making undertaken by firms C) decision making undertaken by households D) determinants of the prices of rare goods (e.g., diamonds)
A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4 computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3 hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse. The total cost of these parts is $600 per computer. What is the marginal cost of producing the computers that Pam can assemble during her 2nd hour of work?
A. $4,200 B. $4,280 C. $1,800 D. $1,840
Assume we have a simplified banking system in balance-sheet equilibrium. Also assume that all banks are subject to a uniform 10 percent reserve requirement and demand deposits are the only form of money. A commercial bank receiving a new demand deposit of $100 would be able to extend new loans in the amount of:
A. $10. B. $90. C. $100. D. $1,000.