A firm that generates zero economic profit usually faces
A) negative business profit.
B) zero business profit.
C) positive business profit.
D) business profit equal to half the total revenue.
C
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If the multiplier is 5, the MPC is
A. 0.1 B. 0.5 C. 0.2 D. 0.8
A decrease in disposable income will _____
Fill in the blank(s) with the appropriate word(s).
Which of the following allows us to compare average levels of real production per person in different nations in a way that adjusts for differences in true costs of living?
A. per capita nominal GDP based on foreign exchange rates B. nominal GDP based on purchasing power parity C. per capita real GDP based on purchasing power parity D. real GDP based on foreign exchange rates
Social choice involves all of the following except
A. consistently efficient decisions through the use of majority rule voting. B. aggregating over individual preferences. C. deciding what society wants. D. understanding the incentives facing politicians and public servants.