Most Americans
A. have accurate perceptions of the level of corporate profits.
B. underestimate corporate profits.
C. overestimate corporate profits.
D. believe that corporations earn zero profit.
Answer: C
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Gulmirah, a small underdeveloped country, has an adult population of 16.8 million, and the remaining 13.75 million of the population is below 18 years of age. The approximate output per capita of this country is $644.80 . The GDP of Gulmirah is equal to approximately _____
a. $8.87 billion b. $10.08 billion c. $20.30 billion d. $13.22 billion e. $19.70 billion
Brandon receives a marginal utility of 5, 4, 3, 2, 1, and 0 from eating successive donuts. Successive cups of coffee provide him with 9, 8, 6, 4, 3, and 2 utils of marginal utility. Donuts cost 50 cents each, coffee costs $1 per cup, and Brandon has $3 to spend. Which of the following options will yield Brandon the greatest utility?
a. six donuts b. four donuts and one cup of coffee c. two donuts and two cups of coffee d. four donuts and one cup of coffee
The figure below shows the supply and demand curves for jeans in Smallville.
The equilibrium price will NOT lead to the largest possible total economic surplus if:
A. the market for jeans is perfectly competitive. B. the production of jeans generates air pollution. C. there are diminishing returns in the production of jeans. D. jeans are purchased by consumers with reservation prices greater than $40.
Equity should never be used to judge economic policy.
Answer the following statement true (T) or false (F)