About how many Americans still live on farms today?
A. 4.5 million
B. 14.5 million
C. 24.5 million
D. 34.5 million
A. 4.5 million
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What is the difference between economic profit and accounting profit?
What will be an ideal response?
Refer to Scenario 10.2. Suppose that in addition to the tax, a business license is required to stay in business. The license costs $1000. What happens to profit?
A) It increases by $1000. B) It decreases by $1000. C) It decreases by less than $1000. D) It stays the same.
A forestry worker who is out of work because of the temporarily low demand for wood products associated with a recession is defined as: a. frictionally unemployed. b. underemployed
c. cyclically unemployed. d. structurally unemployed.
State and local governments in 2007 accounted for approximately _____ percent of all government spending
a. 15 b. 25 c. 60 d. 85 e. 40